Daily Pivots: (S1) 0.9294; (P) 0.9308; (R1) 0.9319; More….
Intraday bias in EUR/CHF remains neutral at this point. On the downside, break of 0.9268 support will revive near term bearishness. Fall from 0.9394 should resume to retest 0.9178 low. Nevertheless, break of 0.9324 will extend the rebound form 0.9268 to 0.9394 resistance instead.
In the bigger picture, persistent bullish convergence condition in W MACD is a medium term bullish sign. Firm break of 0.9394 resistance should bring sustained trading above 55 W EMA (now at 0.9362). That should indicate medium term bottoming at 0.9178. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9928 resistance next, even still as a corrective bounce. Nevertheless, rejection by 55 W EMA will retain bearishness for another fall through 0.9178 at a later stage.
