EUR/CHF’s rise from 0.8979 resumed by breaking through 0.9265. Intraday bias remains on the upside. Next target is 100% projection of 0.8979 to 0.9264 from 0.9094 at 0.9379. Outlook will remain bullish as long as 0.9176 support holds, in case of retreat.
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.
