Daily Currency Outlook: EUR/USD And EUR/CHF : April 23,2018

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2239; (P) 1.2296 (R1) 1.2342;

Focus remains on 1.2214 support in EUR/USD. Decisive break there will revive the case of medium term reversal. In that case, deeper fall would be seen to 1.2154 first. Firm break there will confirm and target 38.2% retracement of 1.0339 to 1.2555 at 1.1708 next. On the upside, break of 1.2413 will turn focus back to 1.2555 high instead.

EUR/USD 4 Hour Chart

In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.1553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862 in medium term.

EUR/USD Daily Chart

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.1948; (P) 1.1976; (R1) 1.2004;

Intraday bias in EUR/CHF stays neutral with focus on 1.2 key resistance. Further rally is expected as long as 1.1888 minor support holds. Firm break of 1.2 will pave the way to 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188. However, consider bearish pergence condition in 4 hour MACD, break of 1.1888 will indicate short term topping. In that case, deeper pull back would be seen back to 1.1445/1832 support zone.

EUR/CHF 4 Hour Chart

In the bigger picture, long term up trend in EUR/CHF is still in progress. Prior SNB imposed floor at 1.2003 was already met but there is no sign of reversal yet. As long as 1.1445 support holds, we’d expect the up trend to extend to 2013 high at 1.2649 next.

EUR/CHF Daily Chart

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