Daily Pivots: (S1) 1.1265; (P) 1.1295; (R1) 1.1352; More…
EUR/CHF rises to as high as 1.1335 so far as rebound from 1.1181 extends. The break of near term channel resistance is a sign of bullish reversal. Intraday bias is mildly on the upside for 1.1348 resistance first. Break will confirm completion of whole decline from 1.1501 and should target retesting this resistance. On the downside, break of 1.1278 will turn bias neutral again. Overall, in case of another fall, we’d expect strong support from 1.1154/98 support zone to contain downside to bring reversal.
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.
