Daily Pivots: (S1) 1.1279; (P) 1.1309; (R1) 1.1364; More…
EUR/CHF’s break of 1.1342 resistance suggests that rebound from 1.1178 has resumed. Also, it affirms the case of bullish reversal after hitting 1.1154/98 key support zone. Intraday bias is back on the upside for 1.1452 resistance for confirmation. On the downside, in case of another fall, we’d continue to expect strong support from 11.1154/98 to bring rebound.
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 1.1207) 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.
