Daily Pivots: (S1) 1.1500; (P) 1.1526; (R1) 1.1541; More….
Breach of 1.1497 minor support argues that recovery from1.1387 has completed at 1.1565 already. intraday bias is turned back to the downside. EUR/CHF is staying the third leg of correction from 1.1622 and should extend through 1.1387 support. Nonetheless, strong support in expect at 1.1257 cluster support (38.2% retracement of 1.0652 to 1.1622 at 1.1251) to contain downside and bring rebound.
In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1198 resistance turned support holds.
