Daily Pivots: (S1) 0.9318; (P) 0.9331; (R1) 0.9354; More…
EUR/CHF is staying in range of 0.9311/9354 and intraday bias stays neutral. Further decline will remain in favor as long as 0.9354 resistance holds. Firm break of 0.9311 will extend the fall from 0.9452 to retest 0.9218 low. Nevertheless, considering bullish convergence condition in 4H MACD, firm break of 0.9354 will confirm short term bottoming, and turn bias back to the upside for 0.9394 resistance next.
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.
