Daily Pivots: (S1) 1.1347; (P) 1.1362; (R1) 1.1384; More…
EUR/CHF surges to as high as 1.1393 so far today. Intraday bias remains on the upside for 1.1444 key resistance next. Decisive break there will indicate larger bullish reversal. On the downside, below 1.1343 minor support will turn intraday bias neutral first, before staging another rally.
In the bigger picture, focus is back on 1.1444 resistance with current rebound. Decisive break there will indicate completion of the decline from 1.2004, with support from 61.8% retracement of 1.0629 to 1.2004 at 1.1154. In this case, further rise should be seen to 1.1713 resistance next. On the downside, firm break of 61.8% retracement of 1.0629 to 1.2004 at 1.1154 is now needed to confirm down trend resumption. Otherwise, medium term outlook will be neutral at worst.
