Daily Pivots: (S1) 1.1372; (P) 1.1385; (R1) 1.1399; More…
EUR/CHF’s corrective fall from 1.1476 extends lower today and intraday bias is now mildly on the downside for 55 day EMA (now at 1.1338). Sustained break there will pave the way back to retest 1.1162 low. On the upside, sustained break of 38.2% retracement of 1.2004 to 1.1162 at 1.1484 will confirm completion of corrective fall from 1.2004. Further rally should then be seen to 61.8% retracement at 1.1682 and above.
In the bigger picture, at this point, we’re slight favoring the case that corrective fall from 1.2004 has completed after being supported by 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Decisive break of 1.1501 resistance should confirm and target 1.1713 resistance next. And, firm break of 1.1154 is needed to confirm down trend resumption. Otherwise, medium term outlook will be neutral at worst.
