Daily Pivots: (S1) 1.1727; (P) 1.1750; (R1) 1.1763; More…
EUR/CHF’s rally from 1.1445 is still in progress and further rise should be seen to retest 1.1832 resistance. At this point, we’d remain cautious on strong resistance from there to bring another fall to extend recent corrective pattern. Though, firm break will confirm resumption of larger up trend. On the downside, break of 1.1649 support will turn focus back to 1.1445 instead.
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.
