Daily Pivots: (S1) 1.1086; (P) 1.1115; (R1) 1.1133; More…
No change in EUR/CHF’s outlook as it’s staying in consolidation from 1.1056. Intraday bias remains neutral for the moment. Upside of recovery should be limited below 1.1264 resistance to bring further decline. On the downside, break of 1.1056 will resume the larger down trend for 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next.
In the bigger picture, current development firstly suggests that down trend from 1.2004 is still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Outlook will remain bearish as long as 1.1476 resistance holds. EUR/CHF could target 1.0629 support and below.
