Daily Pivots: (S1) 0.9249; (P) 0.9277; (R1) 0.9293; More…
EUR/CHF’s is still in progress and intraday bias stays on the downside. Current development suggests that consolidation from 0.9218 has completed with three waves to 0.9452, and larger down trend is resumption. Further fall should be seen through 0.9204/18 support zone to 61.8% projection of 0.9660 to 0.9218 from 0.9452 at 0.9179 next. On the upside, above 0.9303 minor resistance will turn intraday bias neutral first.
In the bigger picture, the down trend from 0.9204 (2018 high) might still be in progress considering that EUR/CHF is staying well inside the long term falling channel. Bearishness is reaffirmed by rejection at 55 W EMA (now at 0.9405). Firm break of 0.9204 will confirm down trend resumption. Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851.
