Daily Pivots: (S1) 0.9883; (P) 0.9905; (R1) 0.9937; More….
EUR/CHF’s rise from 0.9470 is still in progress and intraday bias stays on the upside. Next target is 100% projection of 0.9407 to 0.9798 from 0.9641 at 1.0032. On the downside, break of 0.9818 minor support will turn intraday bias neutral and bring consolidations first. But retreat should contained above 0.9641 support to bring rebound.
In the bigger picture, considering bullish condition in daily MACD and the firm break of 55 day EMA, a medium term bottom should be in place at 0.9407. Further rally is expected as long as 0.9641 support holds, even as a corrective rebound. Next target 38.2% retracement of 1.1149 to 0.9407 at 1.0072. Reaction from there, as well as 55 week EMA (now at 1.0120) will reveal whether the trend is reversing.
