Daily Pivots: (S1) 1.1684; (P) 1.1698; (R1) 1.1710; More…
Consolidation from 1.1740 temporary top is still in progress and intraday bias remains neutral. Again, with 1.1630 minor support intact, near term outlook remains bullish. Above 1.1740 will target a test on 1.1832 high. At this point, we’ll stay cautious strong resistance from there to bring another fall. Corrective pattern from 1.1832 might still have an attempt on 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372) before completion. On the downside, below 1.1630 minor support will target 1.1445 low again.
In the bigger picture, a medium term top should be in place at 1.1832 on bearish divergence condition in daily MACD. But there is no indication of long term reversal yet. As long as 1.1198 resistance turned support holds, we’d still expect another rise through prior SNB imposed floor at 1.2000.
