Daily Pivots: (S1) 1.0867; (P) 1.0901; (R1) 1.0939; More…..
A temporary low is formed at 1.0863 with today’s recovery. Intraday bias is turned neutral for some consolidations. Upside of recovery should be limited below 1.1062 resistance to bring fall resumption. On the downside, break of 1.0863 will target 100% projection of 1.2004 to 1.1173 from 1.1476 at 1.0645.
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.
