Daily Pivots: (S1) 0.9980; (P) 1.0004; (R1) 1.0049; More….
Intraday bias in EUR/CHF stays on the upside as rise from 0.9844 is in progress. The strong break of trend line resistance adds to the case that corrective pattern from 1.0095 should have completed with three waves down to 0.9844. Further rally should be seen back to retest 1.0095 high. On the downside, below 0.9996 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, with 0.9832 support intact, rise from 0.9407 (2022 low) is still expected to continue. Break of 1.0095 and sustained trading above 55 week EMA (now at 1.0021) will be a medium term bullish signal, and bring further rally to 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). However, firm break of 0.9832 support will revive medium term bearishness and bring retest of 0.9407 low instead.
