EUR/CHF Daily Outlook

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.2202; (P) 1.2232; (R1) 1.2249; More...

Intraday bias in EUR/CHF remains on the downside and current decline would extend to next support level at 1.2127. On the upside, above 1.2249 minor resistance will turn bias neutral and bring consolidations. But near term outlook stays bearish as long as 1.2284 support turned resistance holds.

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.