Daily Pivots: (S1) 0.9295; (P) 0.9311; (R1) 0.9321; More….
EUR/CHF’s fall from 0.9325 accelerates lower today, and focus is back on 0.9257 support. Firm break there will indicate that rebound from 0.9208 has completed. Retest of this low should be seen next. On the upside, break of 0.9325 will resume the rebound from 0.9208.
In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9383). Firm break of 0.9204 will resume the whole down trend from 1.2004 (2018 high). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. However, break of 0.9452 resistance will now be the first sign of medium term bottoming.
