Daily Pivots: (S1) 1.1523; (P) 1.1551; (R1) 1.1595; More….
Break of 1.1565 suggests that recovery from 1.1387 has resumed. Intraday bias in EUR/CHF is turned back to the upside for retesting 1.1622 high. At this point, we’d still expect resistance from there to limit upside to bring another fall. Consolidation from 1.1622 would extend with another leg. On the downside, below 1.1483 minor support will turn bias to the downside for 1.1387 support and below.
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.
