Daily Pivots: (S1) 1.0914; (P) 1.0954; (R1) 1.0979; More…
With 109.73 minor resistance intact, further fall is expected in EUR/CHF to retest 1.0811/63 support zone. On the upside, above 1.0973 minor resistance will turn bias to the upside for 1.1027 resistance and possibly above. Overall, EUR/CHF is staying in consolidation from 1.0811. Upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065). Eventual downside breakout is expected.
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.
