Daily Pivots: (S1) 1.0916; (P) 1.0942; (R1) 1.0955; More…
EUR/CHF’s fall from 1.1027 resumes by taking out 1.0921 and intraday bias is back on the downside. Further fall should be seen to 1.0863 and then 1.0811 low. On the upside, above 1.0982 minor resistance will turn intraday bias neutral again. Overall outlook is unchanged. Consolidation from 1.0811 might extend further. Upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065) to bring larger down trend resumption eventually.
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.
