Daily Pivots: (S1) 1.1342; (P) 1.1374; (R1) 1.1431; More…
EUR/CHF’s break of 1.1376 minor resistance suggest that pull back from 1.444 has completed at 1.1310 already. Intraday bias is turned back to the upside for retesting 1.1444 first. Break will resume the rally from 1.1181 for 1.1501 key resistance next.
In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone to complete it and bring rebound. Decisive break of 1.1501 (38.2% retracement of 1.2004 to 1.1173 at 1.1490) will confirm completion of the correction, on bullish convergence condition in daily MACD. Further rise should be seen to 61.8% retracement at 1.1687 and above next.
