EUR/CHF Daily Outlook

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.

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