Daily Pivots: (S1) 0.9408; (P) 0.9439; (R1) 0.9495; More….
EUR/CHF rebounded further today but stays below 0.9516 resistance. Intraday bias remains neutral first. On the downside, break of 0.9359 should affirm the case that corrective rebound from 0.9204 has already completed at 0.9516. Deeper fall would then be seen to retest 0.9204 low. However, firm break of 0.9516 will resume the rally from 0.9204 instead.
In the bigger picture, the rejection by 55 W EMA (now at 0.9489) argues that rebound from 0.9204 has completed as a corrective move after failing to sustain above 38.2% retracement of 0.9928 to 0.9204 at 0.9481. Firm break of 0.9204/9 support zone will confirm larger down trend resumption.
