EUR/USD Daily Outlook
Daily Pivots: (S1) 1.1430; (P) 1.1492; (R1) 1.1529;
Intraday bias in EUR/USD remains neutral at this point and more consolidation cannot be ruled out. Near term outlook remains bearish with 1.1621 resistance intact. On the downside, break of 1.1431 will resume the fall from 1.1814 to retest 1.1300 low. Nonetheless, break of 1.1621 will turn focus back to 1.1814 instead.
In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300 at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1391; (P) 1.1447; (R1) 1.1477;
EUR/CHF drops steeply after hitting 1.1501 and intraday bias is turned neutral first. Another rise is still mildly in favor as long as 1.1392 minor support holds. Above 1.1501 will extend the rise from 1.1173 to 1.1713 resistance next. However, break of 1.1392 minor support will argue that the rebound has completed and turn bias back to the downside for 1.1154/98 zone again.
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. This cluster level is in proximity to long term channel support (now at 1.1234) too. 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.
