Daily Pivots: (S1) 1.1409; (P) 1.1425; (R1) 1.1451; More…
EUR/CHF’s rally accelerates to as high as 1.1476 so far today. Break of 1.1444 resistance suggests that corrective fall fro 1.2004 has completed at 1.1162 already, just ahead of 1.1154 long term fibonacci level. Intraday bias stays on the upside with focus on 38.2% retracement of 1.2004 to 1.1162 at 1.1484. Sustained break will pave the way to 61.8% retracement at 1.1682 and above. On the downside, break of 1.1366 support is needed to indicate short term topping. Otherwise, near term outlook will remain bullish in case of retreat.
In the bigger picture, the decline from 1.2004 (2018 high) is seen as a corrective move. It could have completed at 1.1162 after breaching 1.1198 support briefly. Sustained break of 1.1444 should pave the way back to retest 1.2004 high, which is close to 1.2 prior SNB imposed EUR/CHF ceiling. This will now remain the preferred case as long as 1.1162 low holds.
