Daily Pivots: (S1) 1.1785; (P) 1.1805; (R1) 1.1843; More…
EUR/CHF surges to as high as 1.1875 so far today. The strong break of 1.1832 high confirms medium term up trend resumption. Intraday bias is now on the upside for 1.2 handle first. Break will target 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188 next. On the downside, below 1.1804 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.1649 support to bring another rise.
In the bigger picture, decisive break of 1.1832 should now extend the medium term up trend through prior SNB imposed floor at 1.2000. 2013 high at 1.2649should be the next target. Outlook will remain bullish as long as 1.1445 support holds, even in case of deep pull back.
