Daily Currency Outlook: EUR/GBP And EUR/CHF : November 15,2018
ActionForex | Nov 15, 2018 02:23AM ET
Daily Pivots: (S1) 0.8660; (P) 0.8709; (R1) 0.8757;
Intraday bias in EUR/GBP remains neutral for the moment. Further decline is expected as long as 0.8873 minor resistance holds. Break of 0.8655 will resume the whole fall from 0.9098 for 0.8620 support first. Break will target 100% projection of 0.9098 to 0.8722 from 0.8939 at 0.8563 next. However, break of 0.8773 minor resistance will turn focus back to 0.8939 resistance instead.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Medium term fall from 0.9305 is possibly in progress and could extend through 0.8620. On the upside, break of 0.8939 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain cautiously bearish even in case of rebound.
h2 EUR/CHF Daily Outlook/h2
Daily Pivots: (S1) 1.1352; (P) 1.1387; (R1) 1.1416;
Intraday bias in EUR/CHF remains neutral first. Another fall is in favor as long as 1.1470 minor resistance holds. On the downside below 1.1334 will resume the decline from 1.1501 and target 1.1154/98 key support zone again. On the upside, break of 1.1470 will turn focus back to 1.1501. Decisive break of 1.1501 will revive the case of bullish reversal.
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 1.1243) 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.
/h2
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