Daily Pivots: (S1) 1.1592; (P) 1.1625; (R1) 1.1686; More…
EUR/CHF’s rally resumed after brief consolidation and reaches as high as 1.1660 so far. Intraday bias is back on the upside. The solid break of 1.1622 resistance confirms resumption of medium term rally. Further rise should now be seen to 61.8% projection of 1.0652 to 1.1622 from 1.1387 at 1.1986, which is close to 1.2 key level. On the downside, break of 1.1560 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
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.
