Daily Pivots: (S1) 0.9368; (P) 0.9382; (R1) 0.9404; More….
EUR/CHF’s rally from 0.9178 is in progress and intraday bias stays on the upside for 0.9452 key structural resistance. Decisive break there will carry larger bullish implications. For now, risk will stay on the upside as long as 0.9325 support holds, in case of retreat.
In the bigger picture, EUR/CHF has breached long term falling channel resistance as the rebound from 0.9278 extends. Considering bullish convergence condition in W MACD, sustained trading above 55 W EMA (now at 0.9372) will indicate medium term bottoming, and suggests that it’s already in larger scale rebound. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9228 resistance next. Nevertheless, rejection by 55 W EMA will retain bearishness for another fall through 0.9278 at a later stage.
