EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1555; (P) 1.1576; (R1) 1.1610; More…

EUR/CHF’s correction from 1.1709 extends lower with a break of 1.1559 minor support. Deeper decline might be seen. But again, near term outlook stays bullish with 1.1483 support holds. Above 1.1663 will turn bias back to the upside for 1.1709 high. Break will resume medium term rally to 1.2 key level. However, break of 1.1483 will be an early sign of reversal. In that case, deeper decline should be seen back to 1.1355 support.

In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1355 support holds. However, break of 1.1355 will indicate medium term topping. In that case, EUR/CHF should head back to 55 week EMA (now at 1.1104) and possibly below.

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