Daily Pivots: (S1) 1.1560; (P) 1.1581; (R1) 1.1593; More…
A temporary top is formed at 1.1628 and intraday bias in EUR/CHF is turned neutral first. As long as 1.1483 minor support holds, another rise is mildly in favor. Sustained trading above 1.1622 will confirm resumption of medium term rally and target 1.2 key level. However, firm break of 1.1483 will dampen this bullish case and turn bias to the downside for 1.1387 instead. In that case, consolidation from 1.1622 will extend for a while.
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.
