Daily Pivots: (S1) 1.1425; (P) 1.1481; (R1) 1.1512; More…
EUR/CHF’s fall accelerates to as low as 1.1401 so far today. Intraday bias stays on the downside for 1.1366 low next. Break there will resume whole fall from 1.2004 and target 61.8% projection of 1.2004 to 1.1366 from 1.1713 at 1.1319. On the upside, above 1.1460 minor resistance will turn intraday bias neutral and bring consolidations. But upside of recovery should be limited well below 1.1556 resistance to bring fall resumption.
In the bigger picture, 1.2004 is seen as a medium term top with bearish divergence condition in daily and weekly MACD. 1.2000 is also an important resistance level. Hence, the corrective pattern from 1.2004 is expected to extend for a while before completion. 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 between 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to contain downside.
