Daily Pivots: (S1) 0.9318; (P) 0.9335; (R1) 0.9361; More….
The break of 0.9325 resistance suggests that EUR/CHF’s fall from 0.9660 has completed at 0.9178, on bullish convergence condition in D MACD. Intraday bias is back on the upside for 0.9452 resistance. For now, risk will stay on the upside as long as 0.9275 support holds, in case of retreat.
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.
