Daily Pivots: (S1) 1.1638; (P) 1.1663; (R1) 1.1679; More…
Intraday bias in EUR/CHF remains on the upside for 1.1709 resistance. Break will resume medium term rally and target 61.8% projection of 1.1387 to 1.1709 from 1.1541 at 1.1740 first, and then 100% projection at 1.1863. For now, this will be the favored case as long as 1.1541 support holds.
In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1355 support holds. However, break of 1.1355 will indicate medium term topping. In that case, EUR/CHF should head back to 55 week EMA (now at 1.1105) and possibly below.
