Daily Pivots: (S1) 1.1727; (P) 1.1746; (R1) 1.1764; More…
EUR/CHF lost momentum after hitting 1.1802 and formed a temporary top ahead of 1.1832 resistance. Intraday bias is turned neutral first. ON the downside, break of 1.1649 support will indicate completion of rebound form 1.1445. And the corrective pattern from 1.1832 would then extend with another decline to retest 1.1445. In case of another rise, we’d stay cautious on strong resistance from 1.1832. However, firm break of 1.1832 will confirm resumption of larger up trend.
In the bigger picture, a medium term top should be in place at 1.1832 on bearish divergence condition in daily MACD. 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.
