Sample Category Title

Daily Pivots: (S1) 1.1253; (P) 1.1273; (R1) 1.1304; More...

Intraday bias in EUR/CHF remains neutral for consolidation above 1.1236 temporary low. For now deeper decline is still in favor as long as 1.1310 minor resistance holds. Below 1.1236 will target key support zone at 1.1154/98. We'd expect strong support from there to bring rebound. On the upside, above 1.1310 minor resistance will turn bias back to the upside for 1.1452 resistance. However, sustained break of 1.1154/98 will carry larger bearish implications.

In the bigger picture, for now, the 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 1.1173) 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): 69.85

Our preference Short positions below 69.85 with targets at 69.10 & 68.80 in extension.

Alternative scenario Above 69.85 look for further upside with 70.40 & 70.65 as targets.

Comment The RSI advocates for further decline.

Pivot (invalidation): 14.2500

Our preference Short positions below 14.2500 with targets at 14.0600 & 13.9800 in extension.

Alternative scenario Above 14.2500 look for further upside with 14.3700 & 14.5300 as targets.

Comment The RSI is mixed with a bearish bias.

Pivot (invalidation): 1196.50

Our preference Short positions below 1196.50 with targets at 1189.50 & 1187.00 in extension.

Alternative scenario Above 1196.50 look for further upside with 1201.00 & 1204.00 as targets.

Comment The RSI is mixed with a bearish bias.

Pivot (invalidation): 2903.00

Our preference Short positions below 2903.00 with targets at 2885.00 & 2875.00 in extension.

Alternative scenario Above 2903.00 look for further upside with 2910.00 & 2917.00 as targets.

Comment As Long as the resistance at 2903.00 is not surpassed, the risk of the break below 2885.00 remains high.

Pivot (invalidation): 12275.00

Our preference Short positions below 12275.00 with targets at 12159.00 & 12117.00 in extension.

Alternative scenario Above 12275.00 look for further upside with 12350.00 & 12405.00 as targets.

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

Pivot (invalidation): 6.6400

Our preference Long positions above 6.6400 with targets at 6.7200 & 6.7940 in extension.

Alternative scenario Below 6.6400 look for further downside with 6.5890 & 6.5165 as targets.

Comment A support base at 6.6400 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 0.7185

Our preference Long positions above 0.7185 with targets at 0.7215 & 0.7235 in extension.

Alternative scenario Below 0.7185 look for further downside with 0.7170 & 0.7155 as targets.

Comment A support base at 0.7185 has formed and has allowed for a temporary stabilisation.

Daily Pivots: (S1) 1.1532; (P) 1.1580; (R1) 1.1632; More.....

EUR/USD recovered after touching 1.1529 support and intraday bias remains neutral at this point. On the downside, firm break of 1.1529 will indicate completion of the corrective rebound from 1.1300 and turn bias to the downside for retesting 1.1300 low. Decisive break there will resume larger down trend from 1.2555. On the upside, above 1.1627 minor resistance will turn bias back to the upside for 1.1733 and possibly above. But in that case, we'd continue to expect strong resistance from 38.2% retracement of 1.2555 to 1.1300 at 1.1779 to limit upside, at least on first attempt, to bring near term reversal.

In the bigger picture, a medium term bottom should be in place at 1.1300, on bullish convergence condition in daily MACD and some consolidations would be seen. But still, note that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. That carries some long term bearish implications. Thus, we'd expect fall from 1.2555 high to resume after consolidation completes. Below 1.1300 should send EUR/USD through 61.8% retracement of 1.0339 to 1.2555 at 1.1186. And, in that case, EUR/USD would head to retest 1.0339 (2017 low).

Pivot (invalidation): 1.3150

Our preference Long positions above 1.3150 with targets at 1.3210 & 1.3250 in extension.

Alternative scenario Below 1.3150 look for further downside with 1.3115 & 1.3085 as targets.

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