Daily Pivots: (S1) 1.0509; (P) 1.0520; (R1) 1.0530; More…
Downside momentum in EUR/CHF is unconvincing as seen in 4 hour MACD. But further decline is expected as long as 1.0532 resistance holds. Current down trend should target 100% projection of 1.1476 to 1.0811 from 1.1059 at 1.0394 next. On the upside, though, break of 1.0532 resistance will indicate short term bottoming and bring lengthier consolidations.
In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress for parity next. In any case, outlook will remain bearish as long as 1.0653 resistance holds. However, considering bullish convergence condition in daily MACD, firm break of 1.0653 resistance will indicate medium term bottoming. Strong rebound would then be seen back to 1.0811/1059 resistance zone.
