Daily Pivots: (S1) 1.1404; (P) 1.1439; (R1) 1.1467; More…
No change in EUR/CHF’s outlook. With 1.1511 minor resistance, correction from 1.1622 short term top is expected extend through 1.1355 support. Strong support is expected from 1.1257 (38.2% retracement of 1.0652 to 1.1622 at 1.1251) to bring rebound. On the upside, break of 1.1511 minor resistance will suggest that the pull back is completed and bring retest of 1.1622.
In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1198 resistance turned support holds.
