AUD/USD Daily Outlook
Daily Pivots: (S1) 0.7025; (P) 0.7046; (R1) 0.7059;
Further decline is expected in AUD/USD for 0.7020 support. Decisive break there will resume larger decline from 0.8135 for 0.6826 key support. On the upside, in case of recovery, outlook will stay bearish as long as 0.7148 resistance holds. However, firm break of 0.7148 will suggest that correction from 0.7020 is extending with another rise. Intraday bias will then be turned back to the upside for 0.7393 resistance.
In the bigger picture, price actions from 0.7020 are corrective in nature. In case such corrective pattern extends, upside should be limited by 38.2% retracement of 0.8135 to 0.7020 at 0.7446 to bring down trend resumption. Firm break of 0.7020 will extend medium term decline from 0.8135 to retest 0.6826 (2016 low).
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1151; (P) 1.1285; (R1) 1.1397;
EUR/CHF is staying above 1.1224 low and intraday bias remains neutral first. But current development now suggests that fall from 1.1501 is still in progress. On the downside, break of 1.1224 will resume such decline for 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 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.
