Daily Pivots: (S1) 0.9369; (P) 0.9386; (R1) 0.9422; More….
EUR/CHF’s rally from 0.9204 continues today and intraday bias stays on the upside. Sustained trading above 100% projection of 0.9204 to 0.9343 from 0.9254 at 0.9393 will pave the way to 0.9444 resistance and then 161.8% projection at 0.9479. On the downside, below 0.9350 support will turn intraday bias neutral first. But further rally will remain in favor as long as 0.9254 support holds.
In the bigger picture, the break of 55 D EMA (now at 0.9359) suggests that a medium term bottom might be in place already. Strong rise could be seen 38.2% retracement of 0.9928 to 0.9204 at 0.9481. Reaction from there would reveal whether rebound from 0.9204 is merely a corrective rise, or reversing the down trend from 0.9928.
