Daily Pivots: (S1) 0.9330; (P) 0.9343; (R1) 0.9351; More….
Intraday bias in EUR/CHF stays neutral for consolidations above 0.9313. Risk will stay on the downside as long as 0.9394 resistance holds. On the downside, firm break of 0.9313 support will resume the decline from 0.9452. That would also solidify the bearish case that corrective pattern from 0.9218 has completed with three waves up to 0.9452 already. Deeper fall should then be seen to 0.9265 support, and then 0.9204 low.
In the bigger picture, the down trend from 0.9204 (2018 high) might still be in progress considering that EUR/CHF is staying well inside the long term falling channel. However, with bullish convergence condition in W MACD, downside potential should be limited in case of another fall. Instead, firm break of 0.9660 resistance will be an important sign of medium term bullish trend reversal.
