Daily Pivots: (S1) 1.0932; (P) 1.0955; (R1) 1.0986; More…
Overall outlook in EUR/CHF remains unchanged. Price actions from 1.0811 are seen as a consolidation pattern. Upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065) to bring larger down trend resumption eventually. On the downside, below 1.0910 will target 1.0811/63 support zone.
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.
