Daily Pivots: (S1) 1.1734; (P) 1.1755; (R1) 1.1781; More…
Intraday bias in EUR/CHF stays neutral with 1.1776 resistance intact. Medium term rally could still extend. But we’d maintain that the cross is close to topping. And in case of another rise, strong resistance should be seen well below 1.2 handle to bring medium term reversal. On the downside, break of 1.1602 support will indicate reversal and turn outlook bearish for 1.1387 and below.
In the bigger picture, while a medium term top could be around the corner, there is no change in the larger outlook. That is, long term rise from SNB spike low back in 2015 is still in progress and would extend. As long as 1.1198 resistance turned support holds, we’ll hold on to this bullish view and expect another to prior SNB imposed floor at 1.2000. Though, we’ll reassess the outlook if 1.1198 is firmly taken out.
