Daily Pivots: (S1) 1.1310; (P) 1.1389; (R1) 1.1438; More…
EUR/CHF’s decline extends to as low as 1.1285 so far today. 61.8% projection of 1.2004 to 1.1366 from 1.1713 at 1.1319 is already met but there is no sign of bottoming yet. Intraday bias stays on the downside for key support zone between 1.1154/98. On the upside, above 1.1371 minor resistance will turn intraday bias neutral and bring consolidation. But recovery should be limited below 1.1489 support turned resistance to bring another fall.
In the bigger picture, for now, the price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone, 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. This cluster level is in proximity to long term channel support (now at 1.1173) too. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend.
