Daily Pivots: (S1) 1.1238; (P) 1.1266; (R1) 1.1287; More…

EUR/CHF’s fall from 1.1476 is still in progress and could extend towards 1.1162 low. We’d expect strong support above there to bring rebound. On the upside, break of 1.1317 minor resistance will suggest that the pull back has completed. Intraday bias will be turned back to the upside for 1.1484 again.

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In the bigger picture, at this point, we’re slightly favoring the case that corrective fall from 1.2004 has completed at 1.1162 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.


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