Daily Pivots: (S1) 1.3079; (P) 1.3132; (R1) 1.3178; More
A temporary top should be in place in EUR/CHF at 1.3184. Intraday bias is mildly on the downside for retreat towards 4 hours 55 EMA (now at 1.2996). But after all, near term outlook remains cautiously bullish as long as 1.2736 support holds. Current rise from 1.2432 is treated as the third leg of the consolidation pattern from 1.2401. Above 1.3184 will bring another rise to 100% projection of 1.2401 to 1.3203 from 1.2432 at 1.3234 or even further to 55 weeks EMA (now at 1.3432).
In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.
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