EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.4507; (P) 1.4518; (R1) 1.4531; More

With 4 hours MACD crossed above signal line, an intraday low is in place at 1.4505 and some consolidations would be seen. Nevertheless, upside of recovery is expected to be limited below 1.4630 resistance and bring fall resumption. Below 1.4505 should target 1.4315 key support next.

In the bigger picture, current development confirms that EUR/CHF's fall from 1.5880 has resumed. Also, as the cross is still staying well below a falling 55 weeks EMA, current decline might be resuming longer term down trend from 2007 high of 1.6827. Next medium term target will be 100% projection of 1.5880 to 1.4557 from 1.5446 at 1.4123 after taking out 1.4135 low (2008 low). On the upside, break of 1.4820 spike resistance is needed to be first signal of bottoming. Otherwise, outlook will remain bearish.

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