Daily Pivots: (S1) 1.0805; (P) 1.0832; (R1) 1.0853; More…
With 1.0924 resistance intact, further decline is expected in EUR/CHF. Current down trend should target 100% projection of 1.2004 to 1.1173 from 1.1476 at 1.0645. However, firm break of 1.0924 will indicate short term bottoming and bring stronger rebound to 55 day EMA (now at 1.0981).
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.
