Daily Pivots: (S1) 0.9305; (P) 0.9317; (R1) 0.9338; More….
EUR/CHF’s rebound from 0.9268 resumed by breaking through 0.9324 and intraday bias is back on the upside. Pullback from 0.9394 should have completed, and further rise should be seen to retest this resistance next. For now, risk will stay mildly on the upside as long as 0.9294 support holds, in case of retreat.
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.
