Daily Pivots: (S1) 1.0734; (P) 1.0746; (R1) 1.0760; More…
A temporary low is formed at 1.0732 in EUR/CHF and intraday bias is turned neutral first. Some consolidations could be seen but upside should be limited by 1.0833 resistance. On the downside, break of 1.0732 will extend larger down trend to 61.8% projection of 1.1476 to 1.0811 from 1.1059 at 1.0648 next.
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 1.1059 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
