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 EUR/CHF Daily Outlook

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: EUR/CHF Daily Outlook   Mon Mar 17, 2014 9:31 am



EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.2122; (P) 1.2133; (R1) 1.2146; More...

No change in EUR/CHF's outlook. Deeper decline could still be seen and break of 1.2103 low cannot be ruled out. But in that case, we'd look for bottoming and reversal below 1.21. We'd expect limited downside potential in the cross. Meanwhile, break of 1.2214 will indicate short term bottoming and bring stronger rebound back towards 1.2393 resistance.

In the bigger picture, EUR/CHF faced strong resistance from 38.2% retracement of 1.6827 to 1.0061 at 1.2646 and reversed. Sustained break of this level is needed to confirm larger up trend resumption. Otherwise, outlook will stay neutral for more range trading. But after all, downside of another decline attempt should be contained by SNB's 1.2 floor.

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