Daily Pivots: (S1) 0.9264; (P) 0.9285; (R1) 0.9301; More….
Intraday bias in EUR/CHF stays neutral and more consolidation could be seen. But further fall is expected as long as 0.9315 resistance holds. Firm break of 0.9271 will resume the fall from 0.9394. Next target should be a retest of 0.9178 low. However, firm break of 0.9315 will bring stronger rise back to retest 0.9394 resistance.
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 0.9366) 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.
