Daily Pivots: (S1) 1.1629; (P) 1.1676; (R1) 1.1699; More…

The sharp decline of EUR/CHF and strong break of 1.1638 support is raising the chance of trend reversal. Intraday bias in turned back to the downside 1.1541. Considering bearish divergence condition in 4 hour MACD and daily MACD, decisive break of 1.1541 will confirm topping and turn near term outlook bearish for 1.1355 key support. On the upside, above 1.1653 minor resistance will turn bias back to the upside for 1.1721 high instead.

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 1.1158) and possibly below.

Daily Pivots: (S1) 0.9717; (P) 0.9734; (R1) 0.9760; More….

Intraday bias in EUR/CHF remains neutral as consolidation continues below 0.9753. Another dip cannot be ruled out yet, but further rally is expected with 0.9639 support intact. On the upside, above 0.9754 will resume the rebound from 0.9476 to retest 0.9928 high. Nevertheless, break of 0.9639 will turn bias back to the downside for 0.9476 low instead.

In the bigger picture, rebound from 0.9252 medium term bottom might not be completed yet. But even in case of resumption, strong resistance could emerge from 1.0095 to limit upside. Medium term outlook will be neutral at best as long as 1.0094 structural resistance holds. Meanwhile, break of 0.9476 will bring retest of 0.9252 low.