Daily Pivots: (S1) 1.0507; (P) 1.0517; (R1) 1.0536; More….
EUR/CHF’s down trend resumes and hits as long as 1.0446 so far. The break of 1.0505 long term support should confirm resumption of long term down trend. Intraday bias is back on the downside for 161.8% projection of 1.1149 to 1.0694 from 1.0936 at 1.0200 next. On the upside, above 1.0527 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, current downside momentum argues that fall from 1.1149 is probably resuming the down trend from 1.2004 (2018 high). Focus is now on 1.0505 (2020 low). Decisive break there will confirm this bearish case and target 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223 next. Strong support from 1.0505 will bring rebound first. But outlook will stay bearish as long as 1.0936 resistance holds.
