Daily Pivots: (S1) 1.0966; (P) 1.0993; (R1) 1.1015; More…
EUR/CHF’s decline is still in progress and intraday bias remains on the downside for 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962. Sustained break there will pave the way to 100% projection at 1.0645 next. On the upside, above 1.1035 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.1154 resistance holds, in case of recovery.
In the bigger picture, current development firstly suggests that down trend from 1.2004 is still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Outlook will remain bearish as long as 1.1476 resistance holds. EUR/CHF could target 1.0629 support and below.
