Daily Pivots: (S1) 1.1202; (P) 1.1227; (R1) 1.1242; More….
EUR/CHF’s fall from 1.1476 resumes by breaking 1.1195 and intraday bias is back on the downside. For now, we’d still expect strong support above 1.1162 to bring rebound. Break of 1.1278 resistance will indicate near term reversal and turn bias back to the upside. However, 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.
