EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.2207; (P) 1.2226; (R1) 1.2242; More...
EUR/CHF continues to lose some downside momentum as seen in 4 hours MACD. But deeper decline is still expected for the moment. Current development argues that whole decline from 1.2649 is possibly resuming. Fall from 1.2393 will target a test on 1.2165 first. On the upside, break of 1.2297 is needed to confirm near term reversal. Otherwise, outlook will stay mildly bearish.
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.