Daily Pivots: (S1) 1.0906; (P) 1.0938; (R1) 1.0966; More…

EUR/CHF continues to lose upside momentum as seen with 4 hour MACD crossed below signal line. But further rise cannot be ruled out with 1.0886 minor support intact. Even so, upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1605 to bring fall resumption. On the downside, below 1.0886 minor support will turn bias to the downside for retesting 1.0811 low first.

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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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