Daily Pivots: (S1) 1.0854; (P) 1.0873; (R1) 1.0888; More…

EUR/CHF is still bounded in range above 1.0832 and intraday bias remains neutral first. On the upside, break of 1.0928 will turn bias to the upside for stronger rebound. 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, down trend from 1.2004 is (2018 high) still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Further fall should be seen to 1.0629 support and possibly below. On the upside, break of 1.1162 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.


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