Daily Pivots: (S1) 1.0645; (P) 1.0664; (R1) 1.0690; More…
Despite dipping to 1.0631, EUR/CHF quickly recovered and intraday bias is turned neutral again. Deeper fall is still in favor as long as 1.0706 resistance holds. Below 1.0631 will target 1.0620 key support level. Decisive break of 1.0620 will confirm resumption of whole fall from 1.1198. In that case, next downside target will be 1.0485 fibonacci level. On the upside, break of 1.0706 minor resistance will raise the chance of medium term reversal and turn focus back to 1.0749 and then 1.0897 key resistance.
In the bigger picture, the decline from 1.1198 is seen as a corrective move. Such correction is still in progress. Sustained trading below 38.2% retracement of 0.9771 to 1.1198 at 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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