EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1599; (P) 1.1619; (R1) 1.1647; More…

EUR/CHF is still bounded in range below 1.1721 and intraday bias remains neural. With 1.1541 support intact, outlook remains bullish for further rise. Decisive break of 1.1721 will resume the medium term tup trend and target 1.2 key level. On the downside, considering bearish divergence condition in 4 hour MACD and daily MACD, decisive break of 1.1541 will confirm topping and turn near term outlook bearish for 1.1355 key support.

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 1.1142) and possibly below.

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