EUR/CHF Daily Outlook

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

EUR/CHF's pull back from 1.5380 resumes after brief recovery and takes out 1.5191 cluster support. The fall from 1.5380 is admittedly deeper than expected. At this point, intraday bias On the downside as long as 1.5245 minor resistance holds and further decline could still be seen. Nevertheless, downside should be contained well above 1.5007 and finally bring rally resumption. On the upside, above 1.5245 will flip intraday bias back to the upside for a retest of 1.5380 resistance first.

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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