Daily Pivots: (S1) 1.0877; (P) 1.0898; (R1) 1.0922; More…
EUR/CHF’s break of 1.0922 minor resistance suggests short term bottoming at 1.0832, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for 55 day EMA (now at 1.1023). But upside should be limited by 38.2% retracement of 1.1476 to 1.0832 at 1.1078. On the downside, below 1.0875 minor support will bring retest of 1.0832 instead.
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.
