Intraday bias in EUR/CHF is turned neutral first with current recovery On the downside, below 0.9130 temporary low will extend the corrective fall from 0.9264 to 61.8% retracement of 0.8979 to 0.9264 at 0.9088. On the upside, however, break of 0.9174 will turn bias back to the upside for stronger rebound to retest 0.9264 high instead.
In the bigger picture, considering bullish convergence condition in W MACD, a medium term bottom should be in place at 0.8979. Sustained trading above 55 W EMA (now at 0.9241) will add more credence to this case. Further break of 0.9394 resistance will pave the way to 0.9660 resistance next. However rejection by the 55 W EMA will set up another fall through 0.8979 low at a later stage.
