Daily Pivots: (S1) 0.9765; (P) 0.9783; (R1) 0.9800; More…
EUIR/CHF’s rebound from 0.9670 resumed by breaking through 0.9793 and intraday bias is back on the upside. Sustained trading above 55 D EMA (now at 0.9777) will add to case that whole correction from 1.0095 has completed. Further rise should then be seen to 0.9878 resistance next. On the downside, below 0.9744 minor support will turn intraday bias neutral first.
In the bigger picture, prior rejection by 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that medium term outlook is staying bearish. The pair is also capped below 55 W EMA (now at 0.9924). Down trend from 1.2004 (2018 high) is not complete yet and is in favor to resume through 0.9407 at a later stage. However, decisive break of 1.0095 resistance will raise the chance of bullish trend reversal. Rise from 0.9407 should then target 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484).
 will add to case that whole correction from 1.0095 has completed. Further rise should then be seen to 0.9878 resistance next. On the downside, below 0.9744 minor support will turn intraday bias neutral first.){kind=link}