Daily Pivots: (S1) 1.1377; (P) 1.1403; (R1) 1.1439; More…
EUR/CHF’s rally is still in progress and intraday bias remains on the upside for 1.1501 key resistance. Decisive break there will complete double bottom reversal pattern (1.1173, 1.1181) and turn outlook bullish. On the downside, break of 1.1259 support is needed to confirm completion of the rebound. Otherwise, further rise is expected in case of retreat.
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.
