EUR/CHF’s rally continues today and intraday bias remains on the upside. Sustained trading above 100% projection of 0.8979 to 0.9264 from 0.9094 at 0.9379 will carry larger bullish implications, and extend the rise from 0.8979 to 138.2% projection at 0.9488. On the downside, below 0.9362 minor support will turn intraday bias neutral again.
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 0.9264 resistance turned support holds, in case of retreat.
