Daily Pivots: (S1) 1.1223; (P) 1.1242; (R1) 1.1258; More…
Further decline is expected in EUR/CHF with 1.1277 minor resistance intact. Current fall from 1.1501 is in progress for 1.1173 low next. For now, we’d expect strong support inside 1.1154/98 key support zone to bring reversal. On the upside, above 1.1277 minor resistance will turn intraday bias bias back to the upside for 1.1356 resistance first. Break there will indicate near term reversal.
In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.
