Daily Pivots: (S1) 1.1271; (P) 1.1297; (R1) 1.1320; More…
Intraday bias in EUR/CHF remains neutral at this point. On the upside, break of 1.1342 will reaffirm the case of trend reversal after hitting key support zone of 1.1154/98. Intraday bias will be turned to the upside for 1.1452 resistance. Break should confirm that whole decline from 1.2004 has completed and target 1.1713 resistance next. In case of another fall, we’d still expect strong support from 1.1154/98 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 1.1207) 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.
