Daily Pivots: (S1) 1.1614; (P) 1.1675; (R1) 1.1725; More…

EUR/CHF’s break of 1.1683 support is taken as an early sign of trend reversal. Intraday bias is back to the downside for 1.1602 support first. Sustained break there should confirm our view and bring deeper correction to 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372. On the upside, above 1.1736 minor resistance will turn focus back to 1.1832 high instead.

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 further rise to prior SNB imposed floor at 1.2000 and above. Though, we’ll reassess the outlook if 1.1198 is firmly taken out.

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