USD/CAD Daily Outlook
Daily Pivots: (S1) 1.3211; (P) 1.3238; (R1) 1.3260;
Intraday bias in USD/CAD remains on the upside for further rally. Sustained trading above 1.3225 will confirm completion of choppy fall from 1.3385. Further rally should then be seen to retest 1.3385 high. On the downside, break of 1.3056 support is needed to indicate short term reversal. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1342; (P) 1.1365; (R1) 1.1396;
EUR/CHF hit as low as 1.1334 but quickly recovered. Intraday bias is turned neutral first. Another fall is still in favor as long as 1.1470 minor resistance holds. On the downside below 1.1334 will resume the decline from 1.1501 and target 1.1154/98 key support zone again. On the upside, break of 1.1470 will turn focus back to 1.1501. Decisive break of 1.1501 will revive the case of bullish reversal.
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 1.1243) 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.