Daily Pivots: (S1) 1.1151; (P) 1.1285; (R1) 1.1397; More…

EUR/CHF is staying above 1.1224 low and intraday bias remains neutral first. But current development now suggests that fall from 1.1501 is still in progress. On the downside, break of 1.1224 will resume such decline for 1.1173 low. On the upside, though, break of 1.1348 resistance should confirm near term reversal and target 1.1501 resistance.

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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. 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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