Daily Pivots: (S1) 1.1611; (P) 1.1642; (R1) 1.1698; More…

EUR/CHF surges to as high as 1.1673. Break of 1.1639 minor resistance argues that pull back from 1.1832 has completed at 1.1445 already. Intraday bias is back on the upside for retesting 1.1832 high. At this point, we’d be cautious on strong resistance from there to bring another fall. Corrective pattern from 1.1832 might still have an attempt on 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372) before completion. On the downside, below 1.1566 minor support will target 1.1455 low again.

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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