Daily Pivots: (S1) 1.0557; (P) 1.0588; (R1) 1.0604; More…
Near term outlook in EUR/CHF remains bearish with 1.0710 resistance intact. Current down trend is expected to target 100% projection of 1.1476 to 1.0811 from 1.1059 at 1.0394 next. On the upside, break of 1.0710 resistance, however, will indicate short term bottoming. Intraday bias would be turned back to the upside for stronger rebound.
In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress. Decisive break of 1.0629 key support should now pave the way to parity next. Overall, outlook will remain bearish as long as 1.0811 support turned resistance holds, in case of rebound.
