Daily Pivots: (S1) 1.1140; (P) 1.1176; (R1) 1.1197; More…
EUR/CHF drops to as low as 1.1085 and break of 1.1119 support confirms down trend resumption. Intraday bias stays on the downside for 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next. On the upside, above 1.1163 minor resistance will turn intraday bias neutral for consolidation first. But recovery should be limited below 1.1264 resistance to bring further decline.
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.
