Daily Pivots: (S1) 1.1622; (P) 1.1643; (R1) 1.1676; More…
EUR/CHF recovered after dipping to 1.1559 but it still staying in range below 1.1709 temporary top. Intraday bias remains neutral first. Overall, near term outlook remains bullish as long as 1.1483 support holds. Break of 1.1709 will extend the medium term up trend towards 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.
