Daily Pivots: (S1) 1.0975; (P) 1.0991; (R1) 1.1005; More…
Immediate focus is now on 1.0974 support in EUR/CHF. Break will indicate completion of corrective rebound from 1.0811. Intraday bias will be turned back to the downside for retesting 1.0811. On the upside, in case off another rise, we’d expect strong resistance from 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065) to limit upside. However, sustained break of 1.1062/5 will carry larger bullish implication and bring stronger rise.
In the bigger picture, down trend from 1.2004 is (2018 high) is 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.
