Daily Pivots: (S1) 1.0860; (P) 1.0891; (R1) 1.0941; More…
EUR/CHF recovered after dipping to 1.0841 but recovered quickly since then. Intraday bias remains neutral for the moment. On the upside, break of 1.0958 minor resistance will suggest short term bottoming and bring stronger rebound to 1.1062 resistance. Though, break of 1.0841 will extend recent down trend to 100% projection of 1.2004 to 1.1173 from 1.1476 at 1.0645.
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 should target 1.0629 support and below.
