Daily Pivots: (S1) 1.1280; (P) 1.1350; (R1) 1.1390; More…

With 4 hour MACD crossed above signal line, intraday bias in EUR/CHF is turned neutral first. On the downside, break of 1.1310 will target 1.1259 and possibly below. But we’d continue to expect strong support from 1.1154/98 to contain downside and bring rebound. On the upside, break of 1.1376 minor resistance will indicate that the pull back from 1.1444 has completed. Intraday bias will be turned back to the upside for retesting 1.1444.

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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 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. Further rise should be seen to 61.8% retracement at 1.1687 and above next.

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