Daily Pivots: (S1) 1.0515; (P) 1.0533; (R1) 1.0543; More

EUR/CHF’s break of 1.0523 support suggests down trend resumption. Intraday bias is back on the downside. Next target is 100% projection of 1.1476 to 1.0811 from 1.1059 at 1.0394. On the upside, above 1.0551 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.0653 resistance to bring fall resumption.

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In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress for parity next. In any case, outlook will remain bearish as long as 1.0811 support turned resistance holds, in case of rebound. However, considering bullish convergence condition in daily MACD, firm of 1.0811 resistance will indicate medium term bottoming.


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