Daily Pivots: (S1) 1.1661; (P) 1.1691; (R1) 1.1711; More…
Upside momentum in EUR/CHF remains unconvincing with bearish divergence condition in 4 hour MACD. But outlook stays bullish as long as 1.1584 support holds. Medium term rise from 1.0629 should extend to 1.2 key level. However, firm break of 1.1584 will now indicate near term reversal and should bring pull back to 1.1355 support or below.
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.
