EUR/CHF’s rally resumed by breaking through 0.9348 resistance and intraday bias is back on the upside. Rally from 0.8979 should now target 100% projection of 0.8979 to 0.9264 from 0.9094 at 0.9379, and then 0.9394 structural resistance. Decisive break there will carry larger bullish implications. On the downside, below 0.9313 minor support will turn intraday bias neutral again first.
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.
