Daily Pivots: (S1) 1.0653; (P) 1.0668; (R1) 1.0699; More…
EUR/CHF recovered after forming a temporary low at 1.0635. Intraday bias is turned neutral for consolidation. But break of 1.0749 resistance is needed to confirm short term bottoming. Otherwise, outlook remains bearish and deeper fall is expected. Below 1.0635 will target 1.0620 support. Decisive break there will confirm resumption of whole fall from 1.1198. In that case, next downside target will be 1.0485 fibonacci level.
In the bigger picture, the decline from 1.1198 is seen as a corrective move. Such correction is still in progress. Sustained trading below 38.2% retracement of 0.9771 to 1.1198 at 1.0653 will target 50% retracement at 1.0485. On the upside, break of 1.0897 resistance is needed to confirm completion of such fall. Otherwise, outlook will stay bearish.
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