Daily Pivots: (S1) 1.1037; (P) 1.1105; (R1) 1.1152; More…
EUR/CHF recovers after hitting 1.1056. But with 1.1145 minor resistance intact, intraday bias stays on the downside for further decline. Current down trend should target 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next. On the upside, above 1.1145 minor resistance will turn intraday bias neutral for consolidation first. But recovery should be limited below 1.1264 resistance to bring further decline.
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.
