Intraday bias in EUR/CHF remains neutral as consolidations continue below 0.9348. With 0.9265 support intact, further rally is expected. On the upside, firm break of 0.9348 will extend larger rally from 0.8979 to 100% projection of 0.8979 to 0.9264 from 0.9094 at 0.9379. However, firm break of 0.9265 will indicate that deeper correction is underway to 55 D EMA (now at 0.9237).
In the bigger picture, considering bullish divergence condition in W MACD, rise from 0.8979 medium term bottom 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.
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