Daily Pivots: (S1) 0.9286; (P) 0.9299; (R1) 0.9321; More….
EUR/CHF’s rebound from 0.9178 extends higher today and focus is now on 0.9325 resistance. Considering bullish convergence condition in D MACD, decisive break of 0.9325 will argue that whole fall from 0.9660 has completed. Strong rally should then be seen towards 0.9452 resistance. Nevertheless, rejection by 0.9325 will retain near term bearishness. Break of 0.9275 minor support will turn bias back to the downside for 0.9178 low.
In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9377). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Break of 0.9452 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
