EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.4623; (P) 1.4629; (R1) 1.4635; More

No change in EUR/CHF's outlook. More downside would be in favor as long as 1.4697 minor resistance holds and we'd expect EUR/CHF to crawl towards 1.4557 support next. On the upside above 1.4697 minor resistance will suggest that there is no clear direction in EUR/CHF yet. After all, even in case of stronger recovery, we'd expect strong resistance ahead of 1.5 psychological level to limit any rebound attempt.

In the bigger picture, with EUR/CHF still staying well below 55 weeks EMA, fall from 1.5880 is likely still in progress. The test of 1.4577 key support is already done but near term downside should be limited on risk of further intervention from SNB. We'd expect some choppy sideway consolidations below 1.5 psychological level first before down trend finally resume for a test of 1.4315 low. Sustained trading above 1.5 psychological level is needed to invalidate this bearish view.

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