Daily Pivots: (S1) 1.1243; (P) 1.1262; (R1) 1.1280; More…
EUR/CHF’s rebound from 1.1162 is still in progress. Intraday bas remains on the upside for 1.1310 support turned resistance first. Firm break there will target 1.1444 key resistance next. On the downside, below 1.1240 minor support will turn bias back to the downside for 1.1154 key fibonacci level instead.
In the bigger picture, multiple rejection by 55 week EMA indicates medium term bearishness. Focus remains on 1.1154/98 support zone (2016 high and 61.8% retracement of 1.0629 to 1.2004 at 1.1154). Decisive break there will confirm resumption of whole down trend from 1.2004 and long term bearish reversal. EUR/CHF should then target 1.0629 support and below. This will now remain the favored case as long as 1.1444 resistance holds.
