EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1736; (P) 1.1750; (R1) 1.1763;
Intraday bias in EUR/CHF remains neutral as consolidation from 1.1803 temporary top extends. In case of another rise, we’d stay cautious on strong resistance from 1.1832 to bring reversal. Break of of 1.1649 support will indicate completion of rebound form 1.1445. And the corrective pattern from 1.1832 would then extend with another decline to retest 1.1445. However, firm break of 1.1832 will confirm resumption of larger up trend.
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.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.6012; (P) 1.6048; (R1) 1.6091;
EUR/AUD is still bounded in consolidation pattern from 1.6189 and intraday bias remains neutral first. Deeper retreat might be seen. But outlook will stay bullish as long as 1.5857 support holds. On the upside, break of 1.6189 will resume the whole rally from 1.5153 and target 1.6587 key resistance. Nonetheless, break of 1.5857 will be an early sign of trend reversal and turn bias to the downside for 1.5621 support to confirm.
In the bigger picture, current development suggests that rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5621 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.
