Daily Pivots: (S1) 1.0885; (P) 1.0933; (R1) 1.0958; More…..
EUR/CHF’s decline continues today and reaches as low as 1.0880 so far. Intraday bias remains on the downside at this point. Current fall from 1.1476 is part of the whole decline from 1.2004. Next target is 100% projection of 1.2004 to 1.1173 from 1.1476 at 1.0645. On the upside, above 1.0929 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.1062 resistance to bring fall resumption.
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 should target 1.0629 support and below.
