EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.4458; (P) 1.4496; (R1) 1.4518; More

EUR/CHF's down trend resumed after brief consolidation and reaches as low as 1.4458 so far today. Intraday bias is back on the downside and the current decline is expected to continue towards 1.4315 key support next. On the upside, above 1.4488 minor resistance will turn intraday bias neutral again. But recovery should be limited well below 1.4630 resistance and bring fall resumption.

In the bigger picture, current development confirms that EUR/CHF's fall from 1.5880 has resumed. Also, as the cross is still staying well below a falling 55 weeks EMA, current decline might be resuming longer term down trend from 2007 high of 1.6827. Next medium term target will be 100% projection of 1.5880 to 1.4557 from 1.5446 at 1.4123 after taking out 1.4135 low (2008 low). On the upside, break of 1.4820 spike resistance is needed to be first signal of bottoming. Otherwise, outlook will remain bearish.

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