Daily Pivots: (S1) 1.0850; (P) 1.0890; (R1) 1.0923; More…
EUR/CHF’s break of 1.0912 minor support suggests that corrective recovery from 1.0811 has completed at 1.1018 already. Intraday bias is turned back to the downside for retesting 1.0811 first. Break will resume larger down trend. On the upside, above 1.0929 minor resistance will turn bias neutral again. In case of another rise, upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065) to bring fall resumption.
In the bigger picture, down trend from 1.2004 is (2018 high) is 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.
