EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.5182; (P) 1.5218; (R1) 1.5241; More

EUR/CHF rebounds strongly after drawing strong support from mentioned 1.5191 cluster support as expected. Intraday outlook is turned neutral for the moment. Above 1.5282 will indicate that pull back from 1.5380 has completed and will flip intraday bias back to the upside for retesting 1.5380 resistance. Break will target 1.5446 resistance next. However, sustained break of 1.5191 cluster support will dampen this view and turn outlook mixed.

In the bigger picture, fall from 1.5880 should have completed with three waves down to 1.4577 already. the corrective structure argues that such fall is merely a correction to medium term rise from 1.4315 only. Having said that, current development favors the case that long term down trend from 1.6826 has also finished at 1.4315. Focus will now turn to 1.5880 resistance for confirmation. On the other hand, break of 1.5007 support will turn outlook mixed again.

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