Daily Pivots: (S1) 1.1146; (P) 1.1174; (R1) 1.1191; More…
Despite loss of downside momentum, further decline is still in favor in EUR/CHF with 1.1256 resistance intact. Decisive break of 1.1154 key fibonacci level will confirm resumption of whole downtrend from 1.12555. That should then pave the way to 61.8% projection of 1.2004 to 1.1173 from 1.1444 at 1.0930. For now outlook will remain bearish as long as 1.1256 minor resistance holds, in case of recovery.
In the bigger picture, multiple rejection by 55 week EMA indicates medium term bearishness. Focus remains on 1.1154/98 support zone (2016 high and 61.8% retracement of 1.0629 to 1.2004 at 1.1154). Decisive break there will confirm resumption of whole down trend from 1.2004 and long term bearish reversal. EUR/CHF should then target 1.0629 support and below. This will now remain the favored case as long as 1.1444 resistance holds.
