Daily Pivots: (S1) 1.1718; (P) 1.1746; (R1) 1.1764; More…
Intraday bias in EUR/CHF remains neutral for the moment. Medium term rise could extend higher. However, considering relatively weak upside momentum as seen in daily MACD we’d still expect strong resistance below 1.2 handle to limit upside and bring medium term reversal. Break of 1.1683 support will be a early sign of reversal and turn focus to 1.1602 support.
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.
