Daily Pivots: (S1) 1.1282; (P) 1.1299; (R1) 1.1308; More…
EUR/CHF’s rise from 1.1162 is still in progress and intraday bias remains on the upside. Sustained trading above 1.1310 support turned resistance will pave the way to retest 1.1444 key resistance level next. On the downside, below 1.1254 minor support will turn bias back to the downside for 1.1154 key fibonacci level instead.
In the bigger picture, multiple rejection by 55 week EMA indicates medium term bearishness. Focus remains on 1.1154/98 support zone (2016 high and 61.8% retracement of 1.0629 to 1.2004 at 1.1154). Decisive break there will confirm resumption of whole down trend from 1.2004 and long term bearish reversal. EUR/CHF should then target 1.0629 support and below. This will now remain the favored case as long as 1.1444 resistance holds.
