Daily Pivots: (S1) 0.9656; (P) 0.9672; (R1) 0.9703; More..
EUR/CHF surges to as high as 0.9780 today and met 61.8% retracement of 1.0095 to 0.9252 at 0.9773 already. The strong break of 0.9683 resistance carries larger bullish implications. Intraday bias stays on the upside. Sustained trading above 0.9773 will pave the way to 1.0095 key resistance next. On the downside, below 0.9664 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, the strong break of 0.9683 resistance indicates medium term bottoming at 0.9252 already, on bullish convergence condition in W MACD. Rise from there would now target 38.2% retracement of 1.2004 (2018 high) to 0.9252 (2023 low) at 1.0303. This will remain the favored case as long as 55 D EMA (now at .9530) holds.
