fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/CHF Daily Outlook  Thu Oct 24, 2013 9:53 am | |
|  EUR/CHF Daily Outlook Daily Pivots: (S1) 1.2271; (P) 1.2302; (R1) 1.2324; More... EUR/CHF's sharp decline and break of 1.2299 minor support confirmed that rebound from 1.2213 has completed at 1.2375 already. Intraday bias is back on the downside for 1.2213 support first. There is no clear sign of range break out yet and we'd be cautious on bottoming around 1.2213 level. On the upside, in case of rebound, break of 1.2375 resistance is needed to confirm near term underlying strength. Otherwise, another decline would still be seen. In the bigger picture, current development favors deeper decline in EUR/CHF back to 1.21 support and below. But in that case, strong support is expected above SNB's 1.2 floor to contain downside again. Meanwhile, break of 1.2414 resistance is needed to signal buying momentum. Otherwise, outlook will stay neutral at best. | |
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