Daily Pivots: (S1) 1.0992; (P) 1.1037; (R1) 1.1062; More…
Intraday bias in EUR/CHF remains on the downside at this point. Current fall is part of the down trend form 1.2004. Further decline should be seen to 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962. On the upside, break of 1.1154 resistance is needed to signal short term bottoming. Otherwise outlook will remain bearish in case of recovery.
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.
