Daily Pivots: (S1) 1.0864; (P) 1.0880; (R1) 1.0909; More…
EUR/CHF is staying below 1.0922 minor resistance despite today’s recovery. Intraday bias remains neutral and another decline is in factor. Break of 1.0832 will extend recent fall to 100% projection of 1.2004 to 1.1173 from 1.1476 at 1.0645. Though, break of 1.0922 resistance will indicate short term bottoming and bring stronger rebound to 1.1062 resistance.
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 should target 1.0629 support and below.
