Daily Pivots: (S1) 1.1315; (P) 1.1330; (R1) 1.1351; More…
EUR/CHF surges to as high as 1.3918 as rebound from 1.1181 extends. The break of 1.1348 resistance confirms our bullish view that fall from 1.1501 has completed. Intraday bias is back on the upside for retesting 1.1501 resistance next. On the downside, break of 1.1259 support is needed to confirm completion of the rebound. Otherwise, further rise is expected in case of retreat.
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.
