Daily Pivot: (S1) 0.9581; (P) 0.9596; (R1) 0.9615; More…
The intraday bias for EUR/CHF remains neutral as the consolidation from 0.9630 widens. Further upside is still expected as long as the support at 0.9510 holds. On the upside, a break through 0.9630 will resume the rally from 0.9252, with the next target being 0.9658 and a forecast of 161.8% from 0.9304 to 0.9471. However, given the 4-hour MACD bearish divergence conditions, a solid break at 0.9510 would shift the bias back to the downside for a deeper decline.
To put it in perspective, a pullback from 0.9252 can only be seen as a corrective move as long as the resistance at 0.9683 holds. After the correction is completed, the further downtrend is expected to resume until it reaches 0.9252. However, a solid break above 0.9683 and continued trading above the 55W EMA (currently 0.9620) would argue that 0.9252 is already a medium-term bottom. We will then see a 61.8% retracement from 1.0095 to 0.9252 above 0.9773, indicating a stronger rally.
