Sample Category Title

Daily Pivots: (S1) 1.1317; (P) 1.1359; (R1) 1.1437; More...

EUR/CHF's break of 1.1414 today suggests resumption of rebound from 1.1178 short term bottom. Intraday bias is back on the upside. Decisive break of 1.1452 resistance should confirm bullish reversal, after drawing strong support from 1.1154/98 zone. In that case, outlook will be turned bullish for 1.1713 resistance next. This will now be the preferred case as long as 1.1280 support holds.

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. This cluster level is in proximity to long term channel support (now at 1.1234) too. 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.

Pivot (invalidation): 73.10

Our preference Long positions above 73.10 with targets at 73.75 & 74.25 in extension.

Alternative scenario Below 73.10 look for further downside with 72.60 & 72.35 as targets.

Comment The RSI is bullish and calls for further advance.

Pivot (invalidation): 14.5000

Our preference Long positions above 14.5000 with targets at 14.7200 & 14.8300 in extension.

Alternative scenario Below 14.5000 look for further downside with 14.3600 & 14.2900 as targets.

Comment Technically the RSI is above its neutrality area at 50.

Pivot (invalidation): 1187.50

Our preference Long positions above 1187.50 with targets at 1192.50 & 1194.00 in extension.

Alternative scenario Below 1187.50 look for further downside with 1185.00 & 1181.50 as targets.

Comment The RSI is mixed and calls for caution.

UK Brexit Minister Dominic Raab warned that "our willingness to compromise is not without limits" and he emphasized that "we are leaving the European Union in fact, not just in name."

He also said that the Chequers proposal "would deliver a historic agreement that provides a roadmap out of the EU and a final deal that will be good for the whole country."

Additionally, he pledged to purse a deal with the EU "delivers on the referendum, because that's our democratic duty". And, "if we can't obtain a deal that secures that objective ... then we will be left with no choice but to leave without a deal."

Pivot (invalidation): 2903.00

Our preference Long positions above 2903.00 with targets at 2931.00 & 2941.00 in extension.

Alternative scenario Below 2903.00 look for further downside with 2898.50 & 2893.00 as targets.

Comment The RSI calls for a new upleg.

Pivot (invalidation): 12315.00

Our preference Short positions below 12315.00 with targets at 12190.00 & 12154.00 in extension.

Alternative scenario Above 12315.00 look for further upside with 12342.00 & 12394.00 as targets.

Comment The RSI is below its neutrality area at 50%

Pivot (invalidation): 5.9950

Our preference Long positions above 5.9950 with targets at 6.0900 & 6.1380 in extension.

Alternative scenario Below 5.9950 look for further downside with 5.9530 & 5.9000 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Pivot (invalidation): 0.7235

Our preference Short positions below 0.7235 with targets at 0.7200 & 0.7185 in extension.

Alternative scenario Above 0.7235 look for further upside with 0.7250 & 0.7265 as targets.

Comment The RSI lacks upward momentum.

Pivot (invalidation): 1.2890

Our preference Short positions below 1.2890 with targets at 1.2800 & 1.2755 in extension.

Alternative scenario Above 1.2890 look for further upside with 1.2945 & 1.2980 as targets.

Comment As Long as 1.2890 is resistance, look for choppy price action with a bearish bias.