Daily Pivots: (S1) 1.0859; (P) 1.0952; (R1) 1.1041; More…
With 1.0926 minor resistance intact, further decline is expected in EUR/CHF to retest 1.0811 low. Decisive break there will resume larger down trend. 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.
