Daily Pivots: (S1) 1.0989; (P) 1.1026; (R1) 1.1048; More…..
EUR/CHF failed to sustain above 4 hour 55 EMA and weakened, but stays above 1.0962 support. Intraday bias remains neutral at this point. Consolidation might extend with another rise. But upside should be limited limited by 1.1172 resistance to bring down trend resumption. On the downside, sustained break of 1.0962 will extend the fall from 1.2004 to 100% projection of 1.2004 to 1.1173 from 1.1476 at 1.0645 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.
