EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1307; (P) 1.1330; (R1) 1.1370
EUR/CHF rebounded strongly after hitting 1.1260 and intraday bias is turned neutral first. On the upside, firm break of 1.1356 resistance will argue that the pull back from 1.1501 has completed at 1.1260. In that case, further rise would be seen back to retest 1.1501.
In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. This cluster level is in proximity to long term channel support (now at 1.1240) too. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.
EUR/USD Daily Outlook
Daily Pivots: (S1) 1.1361; (P) 1.1381; (R1) 1.1415
EUR/USD is still bounded in range of 1.1267/1472 and intraday bias remains neutral first. On the upside, decisive break of 1.1472 resistance will complete a head and shoulder bottom pattern (ls: 1.1302; h: 1.1215; rs: 1.1267). That will indicate near term reversal and bring stronger rise back to 1.1814 resistance. On the downside, below 1.1267 will turn bias back to the downside for 1.1215 low.
In the bigger picture, down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 resistance is now needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
