Daily Pivots: (S1) 1.1192; (P) 1.1235; (R1) 1.1287; More…
No change in EUR/CHF’s outlook. The choppy decline is still in progress for 1.1173 low. For now, we’d still expect strong support from 1.1154/98 support zone to contain downside to bring reversal. But break of 1.1348 resistance is needed to indicate near term bottoming first. Otherwise, outlook will stay bearish in case of recovery.
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.
