Daily Pivots: (S1) 1.1562; (P) 1.1590; (R1) 1.1613; More…
EUR/CHF’s corrective pull back from 1.1709 is still in progress and could extend. But after all, as long as 1.1483 minor support holds, outlook remains bullish and we’d expect further rally ahead. Break of 1.1709 will target 1.2 key level. However, break of 1.1483 will be an early sign of reversal. In that case, deeper decline should be seen back to 1.1355 support.
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 1.1355 support holds. However, break of 1.1355 will indicate medium term topping. In that case, EUR/CHF should head back to 55 week EMA (now at 1.1067) and possibly below.
