Daily Pivots: (S1) 1.1377; (P) 1.1427; (R1) 1.1462; More…
EUR/CHF’s rebound lost momentum after hitting 1.1477 and intraday bias is turned neutral first. Consolidation from 1.1537 is still in progress and there could be another fall. But downside should be contained by 38.2% retracement of 1.0830 to 1.1537 at 1.1267 to bring rebound. Break of 1.1537 resistance will resume up trend from 1.0629. However, firm break of 1.1267 will extend the correction from 1.1537 and target 61.8% retracement at 1.1100, before completion
In the bigger picture, firm break of 1.1198 key resistance confirms resumption of the long term rise from SNB spike low back in 2015. In this case, EUR/CHF would eventually head back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1087 resistance turned support holds.
