Daily Pivots: (S1) 1.1391; (P) 1.1407; (R1) 1.1428; More…
EUR/CHF’s break of 1.1429 resistance suggests resumption of rally from 1.1181. Intraday bias is turned back to the upside for retesting 1.1501 key resistance. On the downside, break of 1.1372 support is now needed to indicate completion of the rebound. Otherwise, near term outlook will stay cautiously bullish 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 1.1154/98 support zone to complete it and bring rebound. Decisive break of 1.1501 (38.2% retracement of 1.2004 to 1.1173 at 1.1490) will confirm completion of the correction, on bullish convergence condition in daily MACD, with double bottom pattern (1.1173, 1.1181) Further rise should be seen to 61.8% retracement at 1.1687 and above next.
