Daily Pivots: (S1) 1.1940; (P) 1.1954; (R1) 1.1974; More…
Intraday bias in EUR/CHF remains neutral as consolidation from 1.2004 is extending. As long as 1.1888 minor support holds, further rise is expected. On the upside side, decisive break of 1.2 will pave the way to 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188. However, consider bearish divergence condition in 4 hour MACD, break of 1.1888 will indicate short term topping. In that case, deeper pull back would be seen back to 1.1445/1832 support zone.
In the bigger picture, long term up trend in EUR/CHF is still in progress. Prior SNB imposed floor at 1.2003 was already met but there is no sign of reversal yet. As long as 1.1445 support holds, we’d expect the up trend to extend to 2013 high at 1.2649 next.
