Daily Pivots: (S1) 1.4746; (P) 1.4773; (R1) 1.4800;

Intraday bias in EUR/CHF remains neutral for the moment and some more consolidations could be seen. Considering bullish convergence condition in 4 hours MACD. break of 1.4827 minor resistance will indicate that a short term bottom is already formed and strong rebound should be seen to 1.4894/4988 resistance zone. However, note that break of 1.4988 resistance is needed to indicate that EUR/CHF has bottomed. Otherwise, outlook will remain bearish and another fall should be seen after consolidations. Below 1.4722 will target 1.4577 support next.

In the bigger picture, with EUR/CHF still staying well below 55 weeks EMA, fall from 1.5880 is likely still in progress. Current decline should have a test on 1.4577 support first and break will target 2008 low of 1.4315. On the upside, break of 1.5007 support turned resistance is needed be the first signal to indicate that fall from 1.5446 has finished and revive the case that 1.4577 is still in progress. Otherwise, medium term outlook will remain bearish.