EUR/USD Daily Outlook
Daily Pivots: (S1) 1.1325; (P) 1.1373; (R1) 1.1404;
EUR/USD is staying in range of 1.1270/1405, and intraday bias remains neutral. On the upside, break of 1.1485 resistance will revive the case of near-term reversal. Bias will be turned back to the upside for 1.1621 resistance first. Break will target 1.1814 key resistance next. On the downside, break of 1.1270 will, instead, revive the bearish case that downtrend from 1.2555 is still in progress. Bias will be turned back to the downside for 1.1186 key Fibonacci level.
In the bigger picture, as long as 1.1814 resistance holds, 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) 1.1259; (P) 1.1285; (R1) 1.1331;
Intraday bias in EUR/CHF remains neutral for the moment. On the downside, break of 1.1224 will resume the decline from 1.1501 to 1.1173 low. On the upside, though, break of 1.1348 resistance should confirm near-term reversal and target 1.1501 resistance.
In the bigger picture, price actions from 1.2004 medium term top are 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 the reversal of the long-term trend. In that case, 1.0629 key support will be back into focus.
