EUR/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.4601; (P) 1.4615; (R1) 1.4628; More

EUR/CHF finally shows some momentum and dives to as low as 1.4579 so far today. Intraday bias remains on the downside as long as 1.4630 minor resistance holds and further fall should be seen to 1.4577 support next. Sustained break there will confirm fall resumption towards next key support at 1.4315. On the upside, above 1.4630 will turn intraday bias neutral again. But another fall would now remain in favor as long as 1.4697 resistance holds.

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.

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box