Daily Pivots: (S1) 1.0728; (P) 1.0739; (R1) 1.0748; More…
A temporary low is in place at 1.0724 in EUR/CHF and intraday bias is turned neutral for consolidation. But near term outlook stays bearish as long as 1.0833 resistance holds. Break of 1.0724 will extend larger down trend to 61.8% projection of 1.1476 to 1.0811 from 1.1059 at 1.0648. However, break of 1.0833 will indicate short term bottoming and bring stronger rebound to 55 day EMA (now at 1.0873).
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.
