Daily Pivots: (S1) 0.9304; (P) 0.9314; (R1) 0.9323; More….
EUR/CHF’s fall from 0.9394 continues today and intraday bias stays on the downside. The break of 55 D EMA (now at 0.9317, argues that rebound form 0.9178 has already completed. Deeper fall would be seen back to retest 0.9178 low. On the upside, above 0.9326 minor resistance will turn intraday bias neutral again first.
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 0.9369) 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 0.9178 at a later stage.
