Daily Pivots: (S1) 1.1955; (P) 1.1974; (R1) 1.2004; More…
EUR/CHF’s rally extends today and reaches as high as 1.1996 so far, just inch below 1.2 handle. While it’s staying to lose upside momentum as seen in 4 hour MACD, intraday bias stays on the upside as long as 1.1959 minor support holds. Sustained break of 1.2 will extend the current up trend to 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188. On the downside, below 1.1959 will turn bias neutral and bring consolidation first, before staging another rally.
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 1.2649 should be the next target. Outlook will remain bullish as long as 1.1445 support holds, even in case of deep pull back.
