Daily Pivots: (S1) 0.9670; (P) 0.9722; (R1) 0.9800; More….
EUR/CHF’s break of 0.9712 resistance now raises the chance of medium term bottoming at 0.9407, on bullish convergence condition in daily MACD. Intraday bias is back on the upside for 0.9864 resistance first. Firm break there will solidify this case and target 38.2% retracement of 1.1149 to 0.9407 at 1.0072. On the downside, below 0.9641 minor support will turn intraday bias neutral first.
In the bigger picture, as long as 0.9864 resistance holds, long term down trend from 1.2004 (2008 high) is expected to continue. Next target is 138.2% projection of 1.2004 to 1.0505 to 1.1149 at 0.9033. However, firm break of 0.9864 will confirm medium term bottoming, on bullish convergence condition in daily MACD. Stronger rally would then be seen back to 55 week EMA (now at 1.0188), even as a corrective rebound.
