Daily Pivots: (S1) 1.0351; (P) 1.0405; (R1) 1.0435; More….
EUR/CHF’s fall from 1.0610 resumes after brief recovery and hits as low as 1.0288 so far. The breach of 1.0298 low argues that larger down trend from 1.1149 is resuming too. Intraday bias is back on the downside. Sustained trading below 1.0298 will target 61.8% projection of 1.0936 to 1.0298 from 1.0610 at 1.0216. For now, risk will stay on the downside as long as 1.0459 resistance holds, in case of recovery.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. Sustained break there will target 100% projection at 0.9650. In any case, break of 1.0610 resistance is needed to be the first sign of bottoming. Otherwise, outlook will remain bearish.
