Daily Pivots: (S1) 1.1408; (P) 1.1429; (R1) 1.1449; More…
Intraday bias in EUR/CHF remains neutral as it still cannot take out 1.1452 resistance yet. On the upside, decisive break of 1.1452 resistance should confirm bullish reversal, after drawing strong support from 1.1154/98 zone. In that case, outlook will be turned bullish for 1.1713 resistance next. On the downside, however, break of 1.1361 minor support will suggest rejection by 1.1452. And intraday bias will be turned back to the downsides for retesting 1.1154/98.
In the bigger picture, 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 1.1234) 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.
