EUR/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.4339; (P) 1.4411; (R1) 1.4469; More

EUR/CHF dived further to as low as 1.4318 today, just inch above mentioned target of 1.4315 key support next. Intraday bias remains on the downside as long as 1.4406 minor resistance holds and further is still in favor. Sustained break of 1.4315 will target next medium term level at 100% projection of 1.5880 to 1.4557 from 1.5446 at 1.4123. On the upside, above 1.4406 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited below 1.4533 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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