EUR/USD Daily Outlook
Daily Pivots: (S1) 1.1328; (P) 1.1371; (R1) 1.1420;
Intraday bias in EUR/USD remains neutral as it’s staying in range of 1.1267/1472. As long as 1.1472 resistance holds, deeper decline is expected in the pair. On the downside, break of 1.1267 will target 1.1215 low first. Firm break there will resume larger down trend from 1.2555 for 1.1186 fibonacci level next. However, considering bullish convergence condition in daily MACD, firm break of 1.1472 will be suggest medium term bottoming and turn outlook bullish for 1.1814 resistance instead.
In the bigger picture, as long as 1.1814 resistance holds, down trend 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. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1279; (P) 1.1301; (R1) 1.1322;
EUR/CHF’s break of 1.1295, minor support suggests that recovery from 1.1260 has completed. Intraday bias is turned back to the downside for 1.1260 support first. Break will resume whole decline from 1.1501 and target 1.1173 low. On the upside, break of 1.1356 resistance is needed to indicate short term bottoming. Otherwise, further decline is still in favor even in case of recovery.
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. 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.
