Daily Pivots: (S1) 1.0854; (P) 1.0873; (R1) 1.0888; More…
Break of 1.0832 suggests resumption of down trend in EUR/CHF. Intraday bias is back on the downside. Next target will be 100% projection of 1.2004 to 1.1173 from 1.1476 at 1.0645. On the upside, break of 1.0924 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, down trend from 1.2004 is (2018 high) still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Further fall should be seen to 1.0629 support and possibly below. On the upside, break of 1.1162 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
