Daily Pivots: (S1) 1.1638; (P) 1.1663; (R1) 1.1679; More…
EUR/CHF’s break of 1.1709 resistance confirms up trend resumption. Intraday bias stays on the upside for 61.8% projection of 1.1387 to 1.1709 from 1.1541 at 1.1740 first, and then 100% projection at 1.1863. On the downside, below 1.1638 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.1541 support and bring up trend resumption.
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 1.1355 support holds. However, break of 1.1355 will indicate medium term topping. In that case, EUR/CHF should head back to 55 week EMA (now at 1.1123) and possibly below.
