Daily Pivots: (S1) 1.1260; (P) 1.1279; (R1) 1.1301; More…
EUR/CHF’s rebound from 1.1224 short term bottom resumes today by breaking 1.1301 minor resistance. Intraday bias is turned back to the upside for 1.1356 resistance first. Decisive break there should confirm near term reversal. In that case, further rally should be seen back to 1.1501 resistance. On the downside, below 1.1267 minor support will dampen this bullish case and turn focus back to 1.1224 low instead.
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. 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.
