Daily Pivots: (S1) 1.1552; (P) 1.1595; (R1) 1.1649; More…
No change in EUR/CHF’s outlook. Decline from 1.1832 is still in progress. It’s seen as correcting medium term rise from 1.0629. Deeper fall would be seen to 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372.) On the upside, above 1.1636 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.1832 resistance holds.
In the bigger picture, a medium term top should be in place at 1.1832 on bearish divergence condition in daily MACD. But there is no indication of long term reversal yet. As long as 1.1198 resistance turned support holds, we’d still expect another rise through prior SNB imposed floor at 1.2000.
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