AUD/USD Daily Outlook
Daily Pivots: (S1) 0.7710; (P) 0.7730; (R1) 0.7768;
Intraday bias in AUD/USD remains neutral at this point as consolidation from 0.7671 temporary continues. With upside limited well below 0.7915 resistance, near term outlook remains bearish. Break of 0.7671 will resume whole decline from 0.8135 and target 0.7500 key support level next. However, break of 0.7915 resistance will indicate near term reversal and turn focus back to 0.8135 high instead.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. It might still extend higher but we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption. On the downside, break of 0.7500 support will now be an important signal that such corrective rebound is completed. In that case, AUD/USD would be heading back to 0.6826 low in medium term.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1713; (P) 1.1743; (R1) 1.1798;
EUR/CHF surges to as high as 1.1772 so far today. Break of 1.1748 confirms resumption of the rise from 1.1445. Intraday bias is back on the upside for retest 1.1832 resistance. At this point, we’re remain cautious on strong resistance from there to bring another fall to extend recent corrective pattern. Though, firm break will confirm resumption of larger up trend. On the downside, break of 1.1649 support will turn focus back to 1.1445 instead.
In the bigger picture, a medium term top should be in place at 1.1832 on bearish divergence condition in daily MACD. But there is no indication of long term reversal yet. As long as 1.1198 resistance turned support holds, we’d still expect another rise through prior SNB imposed floor at 1.2000.
