Daily Pivots: (S1) 1.1443; (P) 1.1471; (R1) 1.1493; More…
Intraday bias in EUR/CHF remains neutral for at this point. On the downside, break of 1.1387 will extend the corrective fall from 1.1622 to 1.1257 cluster support (38.2% retracement of 1.0652 to 1.1622 at 1.1251). Strong support is expected there to contain downside and bring rebound. Above 1.1497 will extend the recovery. But break of 1.1622 is needed to confirm up trend resumption. Otherwise, the consolidation should continue with risk of at least another fall.
In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1198 resistance turned support holds.
