Daily Pivots: (S1) 1.1389; (P) 1.1425; (R1) 1.1486; More…
Intraday bias in EUR/CHF remains mildly on the upside for retesting 1.1537 resistance. Break there will resumption of up trend from 1.0629. On the downside, below 1.1385 minor support will extend the consolidation from 1.1537 with another rise. In that case, we’d continue to expect strong support from 8.2% retracement of 1.0830 to 1.1537 at 1.1267 to bring rebound. However, firm break of 1.1267 will extend the fall and target 61.8% retracement at 1.1100.
In the bigger picture, firm break of 1.1198 key resistance confirms resumption of the long term rise from SNB spike low back in 2015. In this case, EUR/CHF would eventually head back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1087 resistance turned support holds.
