EUR/CHF Daily Outlook

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.2255; (P) 1.2307; (R1) 1.2341; More...

The breach of 1.2278 resistance turned support argues that rebound from 1.2165 has completed at 1.2393 already. Intraday bias is back on the downside for 1.2225 first. Break will target 1.2165 low again. On the upside, above 1.23234 minor resistance will turn bias back to the upside for 1.2393 and above.

In the bigger picture, EUR/CHF faced strong resistance from 38.2% retracement of 1.6827 to 1.0061 at 1.2646 and turned sideway. 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.