EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.4612; (P) 1.4667; (R1) 1.4695; More

After diving to as low as 1.4557, EUR/CHF rebounded strongly on SNB intervention. Intraday bias is turned neutral for the moment and some sideway trading should be seen. Nevertheless, even in case of rebound, 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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