Daily Pivots: (S1) 1.1159; (P) 1.1192; (R1) 1.1242; More….
EUR/CHF drops sharply to as low as 1.1119 so far today after breaking 1.1162 support firmly. Current development confirms resumption of whole decline from 1.2004. Intraday bias is now on the downside for 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next. On the upside, break of 1.1278 resistance is needed to confirm short term bottoming. Otherwise, outlook will stays bearish in case of recovery.
In the bigger picture, focus will stay on 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Sustained break of 1.1154 will argue that fall from 1.2004 is itself a long term down trend. Next target will be 1.0629 support next. This will now remain the favored case as long as 1.1476 resistance holds even in case of rebound.
