Daily Pivots: (S1) 1.0940; (P) 1.0962; (R1) 1.0982; More…
Intraday bias in EUR/CHF is turned neutral after breaching 1.0973 minor resistance. Overall outlook is unchanged that it’s bounded in consolidation from 1.0811, which is extending. In case of further rise, upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065). On the downside, below 1.0921 will bring retest of 1.0811 low.
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.
