Daily Pivots: (S1) 1.0646; (P) 1.0680; (R1) 1.0698; More…
EUR/CHF edges lower today but outlook remains unchanged. While further decline cannot be ruled out, we’d continue to expect strong support from 1.0629, which is close to 61.8% projection of 1.1476 to 1.0811 from 1.1059 at 1.0648, to contain downside and bring rebound. On the upside, break of 1.0737 resistance will confirm short term bottoming, on bullish convergence condition in 4 hour MACD, and turn bias to the upside.
In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress. While initial support might be seen from 1.0629 on first attempt, outlook will stay bearish as long as 1.1059 resistance holds. Decisive break of 1.0629 will pave the way to parity next.
