Daily Pivots: (S1) 1.4888; (P) 1.4905; (R1) 1.4931; More

An intraday low is in place at 1.4874 and some sideway trading could be seen in EUR/CHF. Nevertheless, upside should be limited below 1.4988 resistance and bring fall resumption. Below 1.4874 will target 61.8% projection of 1.5138 to 1.4894 from 1.4988 at 1.4837 next.

In the bigger picture, the strong break of 1.5007 support argues that rebound from 1.4557 has completed after failing to take out 55 weeks EMA decisively. Whole decline from 1.5800 might be resuming and a break of 1.4557 will target a test on 2008 low of 1.4315. A break of 1.5138 resistance is needed to be the first signal that choppy fall from 1.5446 has completed and revive the case the rise from 1.4577 is still in progress. Otherwise, outlook will now remain bearish.


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