Daily Pivots: (S1) 0.9762; (P) 0.9785; (R1) 0.9828; More….
Intraday bias in EUR/CHF is back on the upside as rise from 0.9407 is resuming. Further rise should be seen to 61.8% projection of 0.9407 to 0.9798 from 0.9641 at 0.9883. Decisive break there will solidify the case of medium term bottoming and target 100% projection at 1.0032. For now, this will remain the favored case as long as 0.9641 support holds.
In the bigger picture, considering bullish condition in daily MACD, firm break of 0.9864 resistance will confirm medium term bottoming at 0.9407. Stronger rally should then be seen to 55 week EMA (now at 1.0138), even as a corrective rebound. Nevertheless, rejection by 0.9864 will bring down trend resumption through 0.9407 next.
