Daily Pivots: (S1) 1.1261; (P) 1.1290; (R1) 1.1318; More…
Despite breaching 1.1265 minor support, EUR/CHF quickly recovered. Intraday bias is turned neutral first. ON the upside, break of 1.1342 resistance will revive the case of near term reversal. Bias would be turned back to the upside for 1.1452 resistance for confirmation. In case of another fall, we’d continue to expect strong support from 1.1154/98 key support zone to bring rebound.
In the bigger picture, for now, the price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. This cluster level is in proximity to long term channel support (now at 1.1196) too. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.
