Daily Pivots: (S1) 1.1240; (P) 1.1285; (R1) 1.1311; More…
EUR/CHF’s break of 1.1298 minor support suggests that rebound from 1.1181 has completed at 1.1347, after rejection by 1.1348 resistance. Intraday bias is turned back to the downside for deeper fall. But we’d expect strong support from 1.1154/98 support zone to contain downside to bring rebound. On the upside, break of 1.1348 resistance will confirm near term reversal and target 1.1501 resistance next.
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.
