EUR/CHF Daily Outlook

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.2511; (P) 1.2580; (R1) 1.2647; More..

EUR/CHF jumped to as high as 1.2649 and touched mentioned long term retracement level at 1.2646. Intraday bias remains on the upside as long as 1.2514 minor support holds. Sustained trading above 1.2649 would pave the way to 161.8% projection of 1.2030 to 1.2568 from 1.2127 at 1.2997, which is close to 1.3 psychological level. On the downside, below 1.2514 minor support will turn bias neutral and bring consolidations. But downside should be contained by 1.2383 support and bring another rally.

In the bigger picture, the break of 1.2568 resistance confirmed resumption of medium term rebound from 1.0061 low. 38.2% retracement of 1.6827 to 1.0061 at 1.2646 is already met. Sustained break there will pave the way to 50% retracement at 1.3444.