Daily Pivots: (S1) 1.0881; (P) 1.0910; (R1) 1.0925; More…
Break of 1.0910 turns intraday bias to the downside. EUR/CHF should be targeting a test on 1.0811/63 support zone. Overall outlook is unchanged that’s consolidation from 1.0811 might extend. Above 1.0968 could bring another rise. But upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065) to bring larger down trend 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.
