Daily Pivots: (S1) 1.1279; (P) 1.1301; (R1) 1.1322; More…
EUR/CHF’s break of 1.1295, minor support suggests that recovery from 1.1260 has completed. Intraday bias is turned back to the downside for 1.1260 support first. Break will resume whole decline from 1.1501 and target 1.1173 low. On the upside, break of 1.1356 resistance is needed to indicate short term bottoming. Otherwise, further decline is still in favor even in case of recovery.
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. 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.
