EUR/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.2459; (P) 1.2501; (R1) 1.2545; More

EUR/CHF dives further to as low as 1.2401 so far today and at this point, intraday bias remains on the downside for 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 first. Break will put 1.2 psychological level into focus. On the upside, above 1.2696 resistance will bring another rebound. But after all, outlook will remain bearish as long as 1.2932 resistance holds.

In the bigger picture, whole down trend from 1.6287 (2007 high) should be resuming. 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.

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