EUR/USD Daily Outlook
Daily Pivots: (S1) 1.1311; (P) 1.1340; (R1) 1.1365;
Intraday bias in EUR/USD remains on the downside for 1.1300 key support. Decisive break there will resume the whole down trend from 1.2555 and target 1.1186 fibonacci level next. On the upside, though, break of 1.1499 resistance will turn bias back to the upside for another rebound. But after all, price actions from 1.1300 are seen as developing into a corrective pattern. So, down trend resumption would just be delayed.
In the bigger picture, price actions from 1.1300 is seen as a corrective pattern. 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. In case the consolidation from 1.1300 extends, upside should be limited by 1.1814 and 38.2% retracement of 1.2555 to 1.1300 at 1.1779. to bring down trend resumption eventually.
USD/CHF Daily Outlook
Daily Pivots: (S1) 1.0037; (P) 1.0061; (R1) 1.0080;
Intraday bias in USD/CHF remains neutral with focus on 1.0094 resistance. Decisive break there and sustained trading above 1.0067 will confirm resumption of whole rise from 0.9541. USD/CHF should then target 1.0342 key resistance next. In case of another fall through 0.9952, downside should be contained by 38.2% retracement of 0.9541 to 1.0094 at 0.9883 to contain downside to bring rebound.
In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading. However, firm break of 0.9848 near term support will dampen this view and bring deeper decline back to 0.9541 support and possibly below.