Daily Pivots: (S1) 1.1775; (P) 1.1818; (R1) 1.1866; More…
EUR/CHF’s decline resumed after brief consolidation. It breaks 1.1770 temporary low and reaches as low as 1.1752 so far. Intraday bias is back on the downside for 61.8% retracement of 1.1445 to 1.2004 at 1.1659 and below. On the upside, above 1.1816 minor resistance will turn intraday bias neutral again. But outlook will stay bearish as long as 1.1864 support turned resistance holds.
In the bigger picture, current development suggests solid rejection by prior SNB imposed floor at 1.2000. Considering bearish divergence condition in daily MACD, 1.2004 could be a medium term top. And price action from 1.2004 is corrective the up trend from 1.0629. Hence, for now, deeper fall could be seen back to 1.1445, which is close to 38.2% retracement of 1.0629 to 1.2004 at 1.1479. We’d expect strong support from there to bring rebound to extend the medium term corrective pattern.
