EURCHF Outlook |
Written by ActionForex.com |
Mar 06 13 07:10 GMT
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.2256; (P) 1.2271; (R1) 1.2293; More..
The break of the near term falling channel affirmed the case that corrective fall from 1.2568 is finished at 1.2118. Intraday bias is mildly on the upside for 1.2386 resistance. But break there is needed to signal underlying momentum or near term outlook stays neutral. Meanwhile, below 1.2229 minor support will flip bias back to the downside for 1.2118 or below. But again, any fall attempt should be contained above SNB's 1.2 floor.
In the bigger picture, outlook is a bit mixed for the moment. The fall from 1.2568 to 1.2118 was much deeper than expected but it's still corrective looking. We'd still favor more upside in the cross after last week's development, to 38.2% retracement of 1.6827 to 1.0061 at 1.2646. But, would prefer to see break of 1.2386 resistance to give us more confidence on this view.
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