Daily Pivots: (S1) 1.0837; (P) 1.0870; (R1) 1.0891; More…
EUR/CHF’s fall resumed by taking out 1.0856 temporary low. Intraday bias is turned back to the downside for 1.0811 low next. Decisive break there will resume larger down trend. On the upside, break of 1.0905 resistance will turn bias back to the upside for recovery. Overall outlook is unchanged that’s consolidation from 1.0811 might extend. In case of another recovery, 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.
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.
