EUR/CHF Daily Outlook

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.2255; (P) 1.2292; (R1) 1.2315; More..

Outlook in EUR/CHF remains unchanged and intraday bias stays neutral. On the upside, break of 1.2386 will argue that corrective fall from 1.2568 has already finished and will turn bias back to the upside for retesting 1.2568. On the downside, break of 1.2254 would extend the correction through 1.22. In that case, we'd turn focus to next level at 1.2168 for support and rebound.

In the bigger picture, the strong break of 1.2472 resistance is an important indication of medium term strength, which is also supported by sustained trading above 55 weeks EMA. Rise from 2011 low of 1.0061 is at least correcting the down trend from 2007 high of 1.6827. Next focus is 38.2% retracement of 1.6827 to 1.0061 at 1.2646. Sustained break there should at least push EUR/CHF back to 61.8% retracement at 1.4242.