EUR/CHF’s correction from 0.9265 extended lower today, but it stays above 0.9179 support. Intraday bias remains neutral first, and further rally is in still in favor. Above 0.9234 will bring stronger rebound to 0.9265. Firm break there will resume the rally from 0.8979 to 100% projection of 0.8979 to 0.9264 from 0.9094 at 0.9379. However, decisive break of 0.9179 will dampen this bullish view and bring deeper fall back to 0.9094 support instead.
In the bigger picture, the break of medium term falling trend line resistance indicates that 0.8979 is already a medium term bottom. Considering bullish convergence condition in W MACD, rise from there should at least be reversing the fall from 0.9928, with prospect of developing into a medium term up trend. Firm break of 0.9394 resistance will add more credence to this case. For now risk will remain on the upside as long as 0.9094 support holds, in case of retreat.
