Daily Pivots: (S1) 1.1331; (P) 1.1343; (R1) 1.1364; More….
EUR/CHF’s rise from 1.1162 is still in progress and intraday bias stays on the upside for 1.1384 resistance. Break will target 1.1444 key resistance next. On the downside, however, break of 1.1281 minor support will indicate completion of the rebound and turn bias back to the downside for 1.1162 low.
In the bigger picture, multiple rejection by 55 week EMA indicates medium term bearishness. Focus remains on 1.1154/98 support zone (2016 high and 61.8% retracement of 1.0629 to 1.2004 at 1.1154). Decisive break there will confirm resumption of whole down trend from 1.2004 and long term bearish reversal. EUR/CHF should then target 1.0629 support and below. This will now remain the favored case as long as 1.1444 resistance holds. However, decisive break of 1.1444 will indicate completion of fall from 1.2004 and turn medium term outlook bullish.
