Daily Pivots: (S1) 1.1488; (P) 1.1507; (R1) 1.1530; More….
As noted before, the recovery from 1.1387 could have completed at 1.1565 already. Intraday bias is mildly on the downside for 1.1387 support first. Break there will extend the correction from 1.1622 and should target 1.1257 cluster support (38.2% retracement of 1.0652 to 1.1622 at 1.1251). We’d expect strong support from there to bring rebound.
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.
