Daily Pivots: (S1) 1.0648; (P) 1.1853; (R1) 1.2461; More…
EUR/CHF breached 1.1224 but quickly recovered. But with 1.1348 resistance intact, further decline is still expected in the cross. The decline from 1.1501 will target to 1.1173 low. On the upside, though, break of 1.1348 resistance should confirm near term reversal and target 1.1501 resistance.
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.
