EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.2190; (P) 1.2243; (R1) 1.2274; More...
EUR/CHF's recovery was limited at 1.2297 and faced strong resistance from the 4 hours 55 EMA. Subsequent fall and break of 1.2225 indicates resumption of decline from 1.2393. Intraday bias is back on the downside. Current development argues that whole fall form 1.2649 is possibly resuming for another low below 1.2165.
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.