Daily Pivots: (S1) 1.1175; (P) 1.1194; (R1) 1.1216; More….
EUR/CHF’s break of 1.1186 minor support suggests that corrective recovery from 1.1119 has completed at 1.1264 already. Intraday bias is turned back to the downside for retesting 1.1119 first. Break there will extend recent down trend to 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next. On the upside, in case of another recovery, upside should be limited by 1.1278 resistance to bring fall resumption eventually.
In the bigger picture, current development firstly suggests that down trend from 1.2004 is still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Outlook will remain bearish as long as 1.1476 resistance holds. EUR/CHF could target 1.0629 support and below.
