Daily Pivots: (S1) 1.0913; (P) 1.0946; (R1) 1.0966; More…
EUR/CHF’s decline accelerates to as low as 1.0909 so far and intraday bias remains on the downside. As noted before, corrective rise from 1.0811 should have completed at 1.1059 already. Further fall should be seen back to retest 1.0811 low. On the upside, above 1.0957 minor resistance will turn intraday bias neutral first. In case of another rise, we’d still expect strong resistance from 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065) to limit upside.
In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Further fall should be seen to 1.0629 support and possibly below. On the upside, break of 1.1162 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
