Bias: I feel some care needs to be take today with momentum signals and structure conflicting
Losses pushed directly lower to the 1.2705 low. The pullback has been steady but I suspect that at the very least we'll see one more attempt higher and we'll need to observe reaction at key resistance. I feel the 1.2800 support may well hold today but allow for 1.2768-78. A subsequent break above 1.2875-97 would provide the next lift to resistance at 1.2942 and probably 1.2963 & the key resistance at 1.3017-30. This must cap for a larger bearish move. Breach would accelerate gains to 1.3090-1.3120 and later to 1.3178.
3rd February: While we have seen losses I'm not yet convinced of losses until the 1.1714 high in the Swissie breaks. If we see a move above 1.3030 then the risk will turn for a move back to around 1.3178 and later to the 1.3328 area once again.
Yesterday really didn't see any pullbacks until the 1.2705 low. I feel that there is still chance we'll see a little more on the upside. While the 1.2942-50 area caps there could be risk of direct follow-through lower in a more aggressive manner. From this resistance a break below 1.2895 and 1.2800 would quickly retest the 1.2705 low and probably further. If seen watch the 1.2631 and 1.2549 minor supports en route much lower... Next major support is at 1.2459.
3rd February: While 1.2764 broke, the 1.1714 Swissie high did not and therefore we still need to proceed witih some care. A direct resumption of the downtrend would ideally see a peak at 1.2942-63 - a break below 1.2705 then implying 1.2459 en route 1.1855.