Daily Pivots: (S1) 1.0867; (P) 1.0887; (R1) 1.0903; More…
With 1.0926 minor resistance intact, intraday bias in EUR/CHF stays mildly on the downside for 1.0863 support. Break will target 1.0811 low next. On the upside, above 1.0926 minor resistance will turn intraday bias neutral again. Overall outlook is unchanged that’s consolidation from 1.0811 might extend. In case of another recovery, 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.
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.
