Daily Pivots: (S1) 0.9312; (P) 0.9320; (R1) 0.9335; More….
Intraday bias in EUR/CHF remains neutral for the moment. On the upside, break of 0.9347 will resume the rebound from 0.9268 to retest 0.9394 high. However, break of 0.9294 will bring deeper fall through 0.9268 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.
