Daily Pivots: (S1) 1.0024; (P) 1.0052; (R1) 1.0093; More….
EUR/CHF rally is still accelerating and hits as high as 1.0095 so far today. Further rally should be seen to 100% projection of 0.9407 to 0.9953 from 0.9720 at 1.0266 next. On the downside, below 1.0017 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, break of 38.2% retracement of 1.1149 to 0.9407 at 1.0072 and 55 week EMA (now at 1.0041) is taken as an initial sign of long term bullish reversal. Further rally is expected as long as 55 days EMA (now at 0.9860) holds. Next target is 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). Reactions from there should reveal long term momentum.
