Daily Pivots: (S1) 1.0667; (P) 1.0684; (R1) 1.0694; More…
EUR/CHF is staying in consolidation above 1.0635 temporary low. Intraday bias stays neutral first. With 1.0749 resistance intact, near term outlook remains bearish. On the downside, break of 1.0635 will target 1.0620 support. Decisive break there will confirm resumption of whole fall from 1.1198. In that case, next downside target will be 1.0485 fibonacci level.
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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