Daily Pivots: (S1) 0.9339; (P) 0.9362; (R1) 0.9380; More….
Intraday bias in EUR/CHF remains neutral for the moment, and further rise is expected with 0.9325 support intact. On the upside, above 0.9394 will resume the rebound from 0.9178 to 0.9452 key structural resistance. Decisive break there will carry larger bullish implications. Nevertheless, firm break of 0.9325 will bring deeper fall to 55 D EMA (now at 0.9313) and below.
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.
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