Daily Pivots: (S1) 1.1341; (P) 1.1369; (R1) 1.1393; More…
Intraday bias in EUR/CHF remains neutral at this point. As long as 1.1347 resistance turned support holds, further rise is expected. On the upside, break of 1.1444 will resume the rebound from 1.1181 to retest 1.1501 key resistance. However, sustained break of 1.1347 will argue that the rebound has completed and turn bias back to the downside instead.
In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone to complete it and bring rebound. Decisive break of 1.1501 (38.2% retracement of 1.2004 to 1.1173 at 1.1490) will confirm completion of the correction, on bullish convergence condition in daily MACD, with double bottom pattern (1.1173, 1.1181) Further rise should be seen to 61.8% retracement at 1.1687 and above next.
