Daily Pivots: (S1) 1.1472; (P) 1.1555; (R1) 1.1603; More…
EUR/CHF’s fall from 1.1832 resumed and reaches as low as 1.1507 so far. Intraday bias is back on the downside. As noted before, the decline from 1.1832 is correcting medium term rise from 1.0629. Next target will be 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372.) On the upside, break of 1.1639 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, a medium term top should be in place at 1.1832 on bearish divergence condition in daily MACD. But there is no indication of long term reversal yet. As long as 1.1198 resistance turned support holds, we’d still expect another rise through prior SNB imposed floor at 1.2000.
 On the upside, break of 1.1639 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery. ){kind=link}