Thu, Dec 09, 2021 @ 07:25 GMT

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0992; (P) 1.1008; (R1) 1.1026; More…

No change in EUR/CHF’s outlook as it’s staying in tight range above 1.0964 minor support. Intraday bias remains neutral first. Price actions form 1.0811 are viewed as a consolidation pattern. Upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065). On the downside, break of 1.0964 minor support will turn bias to the downside for retesting 1.0811 low. However, sustained break of 1.1062/5 will carry larger bullish implication and bring stronger rise.

In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Further fall should be seen to 1.0629 support and possibly below. On the upside, break of 1.1162 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

EUR/CHF Weekly Outlook

EUR/CHF gyrated lower last week despite weak downside momentum. Outlook is unchanged and deeper fall is expected this week as long as 1.0698 resistance holds. Decline from 1.0915 should target 1.0503 low. On the upside, however, firm break of 1.0698 resistance will indicate short term bottoming. Intraday bias will be turned back to the upside for stronger rebound.

In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1049/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.

EUR/CHF Weekly Outlook

EUR/CHF’s rally continued last week and reached as high as 1.2004. But it struggled to sustain above 1.2 handle and retreated. With 4 hour MACD below signal line, initial bias is neutral this week first, for consolidations. Further rally is expected as long as 1.1888 minor support holds. Firm break of 1.2 will pave the way to 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188. However, consider bearish divergence condition in 4 hour MACD, break of 1.1888 will indicate short term topping. In that case, deeper pull back would be seen back to 1.1445/1832 support zone.

In the bigger picture, long term up trend in EUR/CHF is still in progress. Prior SNB imposed floor at 1.2003 was already met but there is no sign of reversal yet. As long as 1.1445 support holds, we’d expect the up trend to extend to 2013 high at 1.2649 next.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1014; (P) 1.1037; (R1) 1.1079; More….

EUR/CHF rebounded after hitting 1.0973, ahead of 1.0954 support. Upside is limited below 1.1116 resistance so far. Intraday bias stays neutral first as consolidation pattern from 1.1149 might still extend. But in case of another fall, we’d continue to expect strong support from 1.0954 to bring rebound, and then rally resumption. On the upside, break of 1.1116 will argue that larger rise from 1.0504 is ready to resume through 1.1149 high.

In the bigger picture, whole down trend from 1.2004 (2018 high) should have completed at 1.0503. Rise from there is starting a medium term up trend. Next target is 61.8% retracement of 1.2004 to 1.0503 at 1.1431 and above. This will now remain the favored case as long as 1.0915 resistance turned support holds.

EUR/CHF Weekly Outlook

EUR/CHF stayed in consolidation below 1.0797 last week and outlook is unchanged. Initial bias remains neutral this week first. With 1.0701 minor support intact, further rally is expected. Also, corrective pull back from 1.0915 should have completed at 1.0602. On the upside, break of 1.0797 will turn bias to the upside for 1.0915 resistance first. Break there will resume the whole rise from 1.0503 and target 100% projection of 1.0503 to 1.0915 from 1.0602 at 1.1014 next. On the downside, though, break of 1.0701 minor support will dampen the bullish case and turn bias back to the downside instead.

In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1059/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.

EUR/CHF Weekly Outlook

EUR/CHF gyrated inside range of 1.1310/1444 last week and outlook is unchanged. Initial bias remains neutral this week first. As long as 1.1310 support holds, further rise is mildly in favor. On the upside, break of 1.1444 will resume the rebound from 1.1181 to 1.1501 key resistance next. Nevertheless, sustained break of 1.1310 will suggest that rebound from 1.1181 might be completed. Intraday bias will be turned back to the downside for 1.1181 low again.

In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone to complete it and bring rebound. Decisive break of 1.1501 (38.2% retracement of 1.2004 to 1.1173 at 1.1490) will confirm completion of the correction, on bullish convergence condition in daily MACD. Further rise should be seen to 61.8% retracement at 1.1687 and above next.

In the long term picture, as long as key support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 holds, A break of 1.2 key resistance is still expected in the medium to long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.

EUR/CHF Weekly Outlook

EUR/CHF formed a short term bottom at 1.0962 last week, after hitting 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962. Initial bias remains neutral this week for more consolidations first. In case of stronger recovery, upside should be limited by 1.1172 resistance to bring down trend resumption. On the downside, sustained break of 1.0962 will extend the fall from 1.2004 to 100% projection at 1.0645 next.

In the bigger picture, current development firstly suggests that down trend from 1.2004 is still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Outlook will remain bearish as long as 1.1476 resistance holds. EUR/CHF could target 1.0629 support and below.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0911; (P) 1.0935; (R1) 1.0948; More…

EUR/CHF’s consolidation from 1.0986 is still in progress and intraday bias remains neutral. Deeper pull back cannot be ruled out. But downside should be contained by 1.0791/0872 support zone to bring rise resumption. Outlook is unchanged that corrective pattern from 1.1198 has completed already after defending 1.0653 fibonacci level. Firm break of 1.0999 resistance will pave the way for a retest on 1.1198 high.

In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Current strong rebound is raising the chance that it’s completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0791 support holds.

EUR/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.1611; (P) 1.1636; (R1) 1.1652; More…

EUR/CHF finally breaks 1.1656 resistance with conviction. Intraday bias is now on the upside for further rise to 61.8% retracement of 1.2004 to 1.1366 at 1.1760. At this point, we’re viewing the rebound from 1.1366 as the second leg of the corrective pattern from 1.2004. And another fall is expected before the correction from 1.2004 completes. Therefore, we’d expect strong resistance around 1.1760 to limit upside. On the downside, below 1.1618 will turn bias back to the downside for 1.1478 support and below. However, sustained trading above 1.1760 will pave the way to retest 1.2004 high next.

In the bigger picture, EUR/CHF was solidly rejected by prior SNB imposed floor at 1.2000. Considering bearish divergence condition in daily and weekly MACD, 1.2004 should be a medium term top. And price action from 1.2004 is correcting the up trend from 1.0629. Such correction is expected to extend for a while and therefore, we’re not anticipating a break of 1.2004 in near term. Another decline cannot be ruled out yet. But in that case, strong support should be seen at 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to contain downside.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1259; (P) 1.1285; (R1) 1.1331; More…

Intraday bias in EUR/CHF remains neutral for the moment. On the downside, break of 1.1224 will resume the decline from 1.1501 to 1.1173 low. On the upside, though, break of 1.1348 resistance should confirm near term reversal and target 1.1501 resistance.

In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1218; (P) 1.1263; (R1) 1.1290; More…

EUR/CHF’s break of 1.1260 support confirms resumption of whole decline from 1.1501. Intraday bias stays on the downside for 1.1173 low next. For now, we’d expect strong support inside 1.1154/98 key support zone to bring reversal. On the upside, above 1.1277 minor resistance will turn intraday bias neutral first.

In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0937; (P) 1.0956; (R1) 1.0984; More…

EUR/CHF is staying in consolidation from 1.0811 and intraday bias remains neutral first. Further rise cannot be ruled out. But upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1605 to bring fall resumption. On the downside, break of 1.0811 will resume larger down trend from 1.2004.

In the bigger picture, down trend from 1.2004 is (2018 high) still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Further fall should be seen to 1.0629 support and possibly below. On the upside, break of 1.1162 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0887; (P) 1.0900; (R1) 1.0914; More….

Intraday bias in EUR/CHF remains neutral first and outlook stays bearish with 1.0925 support turned resistance intact. On the downside, break of 1.0863 will resume the fall from 1.1149 to next cluster support zone at 1.0737, (61.8% retracement of 1.0505 to 1.1149 at 1.0751). Nevertheless, firm break of 1.0925 will indicate short term bottoming, and turn bias back to the upside for 1.1026 resistance.

In the bigger picture, current development argues that rebound from 1.0505 might be completed at 1.1149 already. Rejection by 55 month EMA (now at 1.1077) at least keeps medium term bearishness open. Sustained break of 1.0737 support will argue that the down trend from 2004 (2018 high) is ready to resume through 1.0505 low. Sustained trading below 55 week EMA (now at 1.0879) will affirm this bearish case.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1613; (P) 1.1642; (R1) 1.1665; More…

Intraday bias in EUR/CHF remains neutral for the moment. On the downside, considering bearish divergence condition in 4 hour MACD and daily MACD, decisive break of 1.1541 will confirm topping and turn near term outlook bearish for 1.1355 key support. Nonetheless, on the upside, break of 1.1721 resistance will resume recent up trend towards 1.2 key level.

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 1.1355 support holds. However, break of 1.1355 will indicate medium term topping. In that case, EUR/CHF should head back to 55 week EMA (now at 1.1158) and possibly below.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1708; (P) 1.1765; (R1) 1.1801; More…

EUR/CHF’s decline continues today and reaches as low as 1.1717 so far. Intraday bias remains on the downside for 61.8% retracement of 1.1445 to 1.2004 at 1.1659. Sustained break will target key support level at 1.1445. On the upside, above 1.1770 minor resistance will turn bias neutral first. But near term outlook will remain bearish as long as 1.1864 support turned resistance holds.

In the bigger picture, current development suggests solid rejection by prior SNB imposed floor at 1.2000. Considering bearish divergence condition in daily MACD, 1.2004 could be a medium term top. And price action from 1.2004 is correcting the up trend from 1.0629. Hence, for now, deeper fall could be seen back to 1.1445, which is close to 38.2% retracement of 1.0629 to 1.2004 at 1.1479. We’d expect strong support from there to bring rebound to extend the medium term corrective pattern.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1331; (P) 1.1346; (R1) 1.1372; More…

No change in EUR/CHF’s outlook as it’s staying in range of 1.1310/1444. Intraday bias remains neutral for the moment. Further rise is in favor as long as 1.1310 support holds. On the upside, break of 1.1444 will resume the rebound from 1.1181 and target 1.1501 key resistance next. On the downside, firm break of 1.1310 will indicate completion of the rebound. In that case, intraday bias will be turned back to the downside for 1.1181 low again.

In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone to complete it and bring rebound. Decisive break of 1.1501 (38.2% retracement of 1.2004 to 1.1173 at 1.1490) will confirm completion of the correction. Further rise should be seen to 61.8% retracement at 1.1687 and above next.

EUR/CHF Weekly Outlook

EUR/CHF’s fall last week argues that rebound from 1.0694 might have completed at 1.0936 already. But as a temporary low as formed at 1.0811, initial bias remains neutral this week first. On the downside, below 1.0811 will resume the fall from 1.0936 to retest 1.0694 low. On the upside, above 1.0884 minor resistance will turn bias back to the upside for 1.0936 resistance again.

In the bigger picture, the stronger than expected rebound from 1.0694 and break of 55 week EMA (now at 1.0861) mixes up the medium term outlook. On the upside, break of 1.1149 will resume the whole rise from 1.0505 (2020 low). On the downside, break of 1.0694 will revive some medium term bearishness for 1.0505 and below.

In the long term picture, rejection by 55 month EMA (now at 1.1056) retains long term bearishness. Break of 1.0505 low will resume down trend to 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0942; (P) 1.0958; (R1) 1.0978; More…

Intraday bias in EUR/CHF remains on the upside for 1.0999 resistance first. As noted before, the consolidative pattern from 1.1198 should be completed. Break of 1.0999 will pave the way for a retest on 1.1198 high. On the downside, below 1.0917 minor support will turn bias neutral and bring consolidation. But retreat should be contained by 1.0791/0872 support zone to bring rise resumption.

In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Current strong rebound is raising the chance that it’s completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0791 support holds.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0641; (P) 1.0672; (R1) 1.0712; More

EUR/CHF breached 1.0698 resistance but couldn’t sustain above there yet. Intraday bias remains neutral first. On the downside, break of 1.0602 will resume the decline from 1.0915 to retest 1.0503 low. Nevertheless, firm break of 1.0698 resistance will indicate short term bottoming. Intraday bias will be turned back to the upside for stronger rebound.

In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1049/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0920; (P) 1.0949; (R1) 1.0965; More….

Deeper fall could be seen in EUR/CHF through 1.0925. But as long as 1.0915 cluster support (38.2% retracement 1.0505 to 1.1149 at 1.0903) holds, we’d still treat the price actions from 1.1149 as correction. Break of 1.1026 resistance would argue that larger up trend is resuming. However, sustained break of 1.0903/15 will suggest bearish reversal, or at least bring deeper fall to next cluster support zone at 1.0737 support zone (61.8% retracement at 1.0751).

In the bigger picture, whole down trend from 2004 (2018 high) should have completed at 1.0503. Rise from there is starting a medium term up trend. Next target is 61.8% retracement of 1.2004 to 1.0503 at 1.1431 and above. This will now remain the favored case as long as 1.0915 resistance turned support holds. However, sustained break of 1.0915 will argue that rise from 1.0503 might be completed, and bring deeper fall to 1.0737 support next.