Daily Pivots: (S1) 1.1345; (P) 1.1378; (R1) 1.1396; More…
EUR/CHF’s fall from 1.1476 extends lower today and reaches as low as 1.1339 so far. Break of 55 day EMA now argues that rebound from 1.1162 has completed at 1.1476 already, just ahead of 38.2% retracement of 1.2004 to 1.1162 at 1.1484. Intraday bias is back on the downside for retesting 1.1162 low. On the upside, sustained break of 38.2% retracement of 1.2004 to 1.1162 at 1.1484 will confirm completion of corrective fall from 1.2004 and turn outlook bullish.
In the bigger picture, at this point, we’re slightly favoring the case that corrective fall from 1.2004 has completed after being supported by 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Decisive break of 1.1501 resistance should confirm and target 1.1713 resistance next. On the downside, firm break of 1.1154 is needed to confirm down trend resumption. Otherwise, medium term outlook will be neutral at worst.
