Daily Pivots: (S1) 1.1880; (P) 1.1901; (R1) 1.1936; More…
EUR/CHF’s break of 1.1932 now suggests that pull back from 1.2004 could have completed at 1.1864 already. Intraday bias back on the upside for 1.2004. Firm break there will confirm up trend resumption. Nonetheless, before that, more consolidative could be seen and below 1.1864 will bring another pull back. Though, we’d expect strong support from there to bring rebound.
In the bigger picture, long term up trend in EUR/CHF is still in progress. Prior SNB imposed floor at 1.2000 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. However, considering bearish divergence condition in daily MACD. Break of 1.1445 will be an indication of medium term reversal and will turn outlook bearish.
