Daily Pivots: (S1) 1.0836; (P) 1.0882; (R1) 1.0909; More…
EUR/CHF’s recovered ahead of 1.0832 and intraday bias is turned neutral first. Consolidation from 1.0832 is extending and another rise cannot be ruled out. On the upside, break of 1.0928 will extend the rebound to 55 day EMA (now at 1.1021). But, in that case, upside should be limited by 38.2% retracement of 1.1476 to 1.0832 at 1.1078. On the downside, break of 1.0832 will resume larger down trend from 1.2004.
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.
