EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1521; (P) 1.1543; (R1) 1.1561;
Intraday bias in EUR/CHF remains neutral at this point. Another fall is mildly in favor with 1.1585 minor resistance intact. Below 1.1478 will target 1.1366 first. Break will resume the larger corrective decline from 1.2004. On the upside, above 1.1585 will likely extend the rebound from 1.1366 through 1.1656. But in that case, upside should be limited by 61.8% retracement of 1.2004 to 1.1366 at 1.1760.
In the bigger picture, current development suggests solid rejection by prior SNB imposed floor at 1.2000. Considering bearish divergence condition in daily and weekly MACD, 1.2004 should be a medium term top. And price action from 1.2004 is correcting the up trend from 1.0629. Such correction is expected to extend for a while and therefore, we’re not anticipating a break of 1.2004 in near term. Another decline cannot be ruled out yet. But in that case, strong support should be seen at 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to contain downside.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5725; (P) 1.5775; (R1) 1.5809;
Intraday bias in EUR/AUD remains on the upside. Current rise from 1.5271 is target a test on 1.6189 high. On the downside, break of 1.5617 support is needed to indicate completion of the rise from 1.5271. Otherwise, outlook will now remain cautiously bullish in case of retreat.
In the bigger picture, current development suggests that fall from 1.6189 is a corrective move and has completed at 1.5217 already. Key support levels of 1.5153 and 38.2% retracement of 1.3624 to 1.6189 at 1.5209 were defended. And rise medium term rise from 1.3624 (2017 low) is not completed yet. Break of 1.6189 will target 1.6587 key resistance (2015 high).
