Daily Pivots: (S1) 1.1202; (P) 1.1218; (R1) 1.1241; More…
Intraday bias in EUR/CHF is turned neutral with today’s strong recovery. In case of another fall, we’d still expect strong support above 1.1162 to bring rebound. Considering bullish convergence condition in 4 hour MACD, break of 1.1292 resistance should confirm short term bottoming. Further rise should then be seen back to retest 1.1476 resistance. Nevertheless, sustained break of 1.1162 could carry larger bearish implication and turn outlook bearish.
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, sustained break of 1.1154 will confirm resumption of decline from 1.2004 and target 1.0629 support next.
