Daily Pivots: (S1) 1.0464; (P) 1.0507; (R1) 1.0531; More….
Intraday bias in EUR/CHF remains neutral for the moment. On the downside, firm break of 1.0439 should confirm rejection by 1.0623 fibonacci resistance, and bring retest of 1.0298 low. On the upside, sustained break of 38.2% retracement of 1.1149 to 1.0298 at 1.0623 will add to the case of bullish trend reversal.
In the bigger picture, a medium term bottom was formed at 1.0298 on bullish convergence condition in daily MACD. Rebound from there is still tentatively viewed part of a corrective pattern. That is, larger down trend from 1.2004 (2018) could still extend through 1.0298 to 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. However, sustained trading above 55 week EMA (now at 1.0673) will argue that the down trend is over, and bring stronger rise back to 1.1149 next.
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