Daily Pivots: (S1) 1.0800; (P) 1.0830; (R1) 1.0851; More…
EUR/CHF spikes lower to 1.0788 and breach of 1.0811 low suggests resumption of larger down trend. Intraday bias stays on the downside for 61.8% projection of 1.1476 to 1.0811 from 1.1059 at 1.0648. On the upside, above 1.0860 minor resistance will delay the bearish case and turn bias to the upside for recovery.
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.
