Daily Pivots: (S1) 1.1451; (P) 1.1476; (R1) 1.1505; More…
Intraday bias in EUR/CHF remains neutral for the moment. A short term top should be formed at 1.1537 on bearish divergence condition in 4 hour MACD, after hitting a key projection level. More corrective trading and deeper fall is expected in near term. Below 1.1411 will target 4 hour 55 EMA (now at 1.1385) and below. But downside should be contained by 38.2% retracement of 1.0830 to 1.1537 at 1.1267 and bring rebound.
In the bigger picture, sustained break of 1.1198 key resistance confirms resumption of the long term rise from SNB spike low back in 2015. In this case, EUR/CHF would eventually head back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1087 resistance turned support holds.
