Daily Pivots: (S1) 1.1195; (P) 1.1231; (R1) 1.1258; More…
EUR/CHF’s decline from 1.1476 extends to as low as 1.1206 so far. Intraday bias stays on the downside or 1.1162 low. At this point, we’d still expect strong support above there to bring rebound. On the upside, break of 1.1317 minor resistance will suggest that the pull back has completed. Intraday bias will be turned back to the upside for 1.1476 resistance. However, sustained break of 1.1162 could carry larger bearish implication and turn outlook bearish.
In the bigger picture, at this point, we’re slightly favoring the case that corrective fall from 1.2004 has completed at 1.1162 after being supported by 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Decisive break of 1.1501 resistance should confirm and target 1.1713 resistance next. On the downside, firm break of 1.1154 is needed to confirm down trend resumption. Otherwise, medium term outlook will be neutral at worst.
