Daily Pivots: (S1) 1.4861; (P) 1.4889; (R1) 1.4906; More

EUR/CHF edges lower to 1.4868 today and recent decline is possibly resuming. Intraday bias is mildly on the downside as long as 1.4921 minor resistance and further fall should be seen to 61.8% projection of 1.5138 to 1.4894 from 1.4988 at 1.4837 next. On the upside, though, above 1.4921 will indicate that a short term bottom is likely in place and stronger rebound could be seen to 1.4988 resistance and above.

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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