Daily Pivots: (S1) 0.9329; (P) 0.9338; (R1) 0.9354; More….
Intraday bias in EUR/CHF stays neutral for the moment, and more consolidations could be seen. On the upside, break of 0.9394 will resume the rebound from 0.9178 to 0.9452 structural resistance. Decisive break there will carry larger bullish implications. However, firm break of 0.9311 support will argue that the rebound has completed, and turn bias back to the downside for retesting 0.9178 low.
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 0.9316) will indicate medium term bottoming at 0.9178, and suggests that it’s already in larger scale rebound. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9928 resistance next. Nevertheless, rejection by 55 W EMA will retain bearishness for another fall through 0.9278 at a later stage.
