Daily Pivots: (S1) 1.0678; (P) 1.0688; (R1) 1.0700; More…
Intraday bias in EUR/CHF remains neutral as consolidation from 1.0652 continues. With 1.0699 minor resistance intact, deeper decline is still expected. Below 1.0652 will target 1.0620/0629 support zone. Decisive break there will confirm resumption of whole fall from 1.1198. In that case, EUR/CHF should target next long term fibonacci level at 1.0485. On the upside, break of 1.0699 minor resistance will argue that choppy fall from 1.0823 has completed and turn bias back to the upside.
In the bigger picture, the decline from 1.1198 is seen as a corrective move. Current development suggests that it’s not completed yet. Sustained trading below 38.2% retracement of 0.9771 to 1.1198 at 1.0653 will target 50% retracement at 1.0485. In any case, break of 1.0823 resistance is needed to be the first indication of reversal. Otherwise, deeper fall is still expected even in case of recovery.
