Daily Pivots: (S1) 1.1773; (P) 1.1789; (R1) 1.1806; More…
No change in EUR/CHF’s outlook. Further rise could be seen as the rebound from 1.1445 extends. But still, we’ll stay cautious on strong resistance from 1.1832 to bring near term reversal. Below 1.1730 will turn bias to the downside first. Further break of 1.1649 support will indicate completion of rebound form 1.1445. And the corrective pattern from 1.1832 would then extend with another decline to retest 1.1445. However, firm break of 1.1832 will confirm resumption of larger up trend.
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.
