Daily Pivots: (S1) 1.1660; (P) 1.1688; (R1) 1.1722; More…
Intraday bias in EUR/CHF remains neutral for the moment. On the upside, above 1.1748 will resume the rebound from 1.1445 to retest 1.1832 high. But we’d cautious on strong resistance from there to bring another fall to extend recent corrective pattern. On the downside, below 1.1649 minor support will affirm that case that corrective pattern from 1.1832 is extending with another falling leg. And, intraday bias will be turned to the downside for 55 day EMA (now at 1.1635). Sustained break will target 1.1445 support and possibly below. But we’d expect strong support from 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372) to complete the correction and bring up trend resumption.
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.
