Daily Pivots: (S1) 1.0795; (P) 1.0814; (R1) 1.0830; More…
EUR/CHF’s down trend resumes by breaking through 1.0782 and reaches as low as 1.0760 so far. Intraday bias is back on the downside. Next target is 61.8% projection of 1.1476 to 1.0811 from 1.1059 at 1.0648. On the upside, break of 1.0833 resistance is needed to indicate short term bottoming. Otherwise, outlook remains bearish in case of 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 1.1059 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
