Daily Pivots: (S1) 0.9132; (P) 0.9164; (R1) 0.9183; More….
EUR/CHF’s fall resumed after brief recovery and intraday bias is back on the downside. Decisive break of 161.8% projection of 0.9394 to 0.9268 from 0.9347 at 0.9143 extend larger down trend to 261.8% projection at 0.9017. On the upside, though, break of 0.9209 resistance will indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, another rejection by 55 W EMA (now at 0.9350) keeps outlook bearish. Downtrend from 1.2004 (2018 high) is still in progress. Firm break of 0.9178 will target 61.8% projection of 1.1149 to 0.9407 from 0.9928 0.8851. Outlook will stay bearish as long as 0.9394 resistance holds, in case of recovery.
