Daily Pivots: (S1) 1.1561; (P) 1.1623; (R1) 1.1658; More…
Intraday bias in EUR/CHF remains on the downside at this point. Fall from 1.1832 is seen as correcting rise from 1.0629. Deeper fall should be seen to 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372. On the upside, above 1.1684 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.1832 resistance holds.
In the bigger picture, a medium term should be in place at 1.1832. But there is no indication of long term reversal yet. As long as 1.1198 resistance turned support holds, we’d still expect another rise through prior SNB imposed floor at 1.2000.
