Daily Pivots: (S1) 1.0605; (P) 1.0622; (R1) 1.0634; More…
Intraday bias in EUR/CHF remains on the downside for the moment as there is no clear sign of bottoming yet. Sustained trading below 1.0629 support will target 100% projection of 1.1476 to 1.0811 from 1.1059 at 1.0394 next. On the upside, break of 1.0737 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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.
