EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1861; (P) 1.1873; (R1) 1.1892
EUR/CHF’s rally resumed after brief consolidation and reaches as high as 1.1894 so far. Intraday bias is back on the upside for 1.2 handle. Break there will extend the medium term up trend to 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188. On the downside, below 1.1847 minor support will turn intraday bias neutral and bring consolidation, below staging another rally.
In the bigger picture, decisive break of 1.1832 should now extend the medium term up trend through prior SNB imposed floor at 1.2000. 2013 high at 1.2649 should be the next target. Outlook will remain bullish as long as 1.1445 support holds, even in case of deep pull back.
AUD/USD Daily Outlook
Daily Pivots: (S1) 0.7761; (P) 0.7772; (R1) 0.7792
AUD/USD is staying in range of 0.7725/7809 and intraday bias remains neutral. Further rise is mildly in favor with 0.7725 minor support intact. Above 0.7809 will target 0.7915 resistance first. Break there will confirm that whole decline from 0.8135 has completed. However, below 0.7725 will bring retest of 0.7642 low 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.
