Daily Pivots: (S1) 1.1297; (P) 1.1324; (R1) 1.1342; More…
Intraday bias in EUR/CHF remains neutral for the moment. And, with 1.1356 minor resistance intact, another fall is expected in the cross. On the downside, break of 1.1260 will extend the decline from 1.1501 towards 1.1173 low. Nevertheless, on the upside, firm break of 1.1356 resistance will argue that the pull back from 1.1501 has completed at 1.1260. In that case, intraday bias will be turned back to the upside for 1.1501 instead.
In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.
