Daily Pivots: (S1) 1.1382; (P) 1.1403; (R1) 1.1440; More…
EUR/CHF drops sharply after hitting 1.1422, ahead of 1.1444 key resistance. Intraday bias is turned neutral first. For now, further rise is mildly in favor as long as 1.1343 minor support holds. Decisive break of 1.1444 will indicate larger bullish reversal. However, break of 1.1343 will argue that the whole rebound from 1.1162 has completed. Intraday bias will be turned back to the downside for retesting 1.1154 long term fibonacci support.
In the bigger picture, focus is back on 1.1444 resistance with current rebound. Decisive break there will indicate completion of the decline from 1.2004, with support from 61.8% retracement of 1.0629 to 1.2004 at 1.1154. In this case, further rise should be seen to 1.1713 resistance next. On the downside, firm break of 61.8% retracement of 1.0629 to 1.2004 at 1.1154 is now needed to confirm down trend resumption. Otherwise, medium term outlook will be neutral at worst.
