Daily Pivots: (S1) 1.1734; (P) 1.1768; (R1) 1.1806; More…
Intraday bias in EUR/CHF remains on the upside for retesting 1.1832 high. At this point, we’d remain cautious on strong resistance from there to bring another fall to extend recent corrective pattern. Though, firm break will confirm resumption of larger up trend. On the downside, break of 1.1649 support will turn focus back to 1.1445 instead.
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.
