EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.4703; (P) 1.4728; (R1) 1.4745; More

With 4 hours MACD crossed below signal line, intraday bias in EUR/CHF is turned neutral. Break of 1.4701 minor support will suggest that recovery from 1.4635 has completed and will flip intraday bias back to the downside. Further break of 1.4635 will indicate that recent decline has resumed for next key support level at 1.4577. On the upside, above 1.4579 will bring another round of rebound to 1.4808 resistance and above. Nevertheless, we'd still expect strong resistance near to 1.5007 support turned resistance and bring fall resumption.

In the bigger picture, with EUR/CHF still staying well below 55 weeks EMA, fall from 1.5880 is likely still in progress. Current decline should have a test on 1.4577 support first and break will target 2008 low of 1.4315. On the upside, break of 1.5007 support turned resistance is needed be the first signal to indicate that fall from 1.5446 has finished. Otherwise, medium term outlook will remain bearish.

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