Daily Pivots: (S1) 1.0675; (P) 1.0685; (R1) 1.0697; More…

Intraday bias in EUR/CHF stays on the downside for the moment. Prior break of 1.0677 support indicate resumption of larger decline. Next target will be 1.0620 support. Decisive break there will confirm resumption of whole fall from 1.1198. On the upside, break of 1.0749 resistance is needed to indicate near term reversal. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, the decline from 1.1198 is seen as a corrective move. Such correction is still in progress and retest of 38.2% retracement of 0.9771 to 1.1198 at 1.0653 would be seen. Sustained trading below 1.0653 will target 50% retracement at 1.0485. On the upside, break of 1.0897 resistance is needed to confirm completion of such fall. Otherwise, outlook will stay bearish.

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