Daily Pivots: (S1) 1.1412; (P) 1.1451; (R1) 1.1509; More…

EUR/CHF’s break of 1.1452 resistance affirms the case of bullish trend reversal after being support from 1.1154/98 zone. Intraday bias is now on the upside for 1.1713 resistance for confirmation. Break will target 1.2004 key resistance again. On the downside, break of 1.1368 support is needed to indicate completion of the rebound. Otherwise, outlook will stay cautiously bullish in case of retreat.

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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.

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