Daily Pivots: (S1) 0.9329; (P) 0.9387; (R1) 0.9421; More…
EUR/CHF’s decline resumed after brief consolidations and hit as low as 0.9327 so far. Intraday bias is back on the downside. Firm break of 61.8% projection of 0.9995 to 0.9416 from 0.9683 at 0.9325, will pave the way to 100% projection at 0.9104 next. On the upside, above 0.9395 minor resistance will turn bias neutral fist. but outlook will stay bearish as long as 0.9543 resistance holds, even in case of strong recovery.
In the bigger picture, medium term outlook remains bearish as long as 0.9683 resistance holds. Current fall from 1.2004 (2018 high) is part of the multi-decade down trend. Next target is 61.8% projection of 1.1149 (2020 high) to 0.9407 from 1.0095 at 0.9018.
