Daily Pivots: (S1) 1.0857; (P) 1.0880; (R1) 1.0895; More…

No change in EUR/CHF’s outlook as consolidation from 1.0832 in in progress. Intraday bias remains neutral first. On the upside above 1.0928 will extend the recovery but 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.

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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.

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