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EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.4318; (P) 1.4361; (R1) 1.4405; More

Intraday bias in EUR/CHF remains on the downside with 1.4406 minor resistance intact and further decline is still expected. As noted before, Sustained trading below key support of 1.4315 will pave the way to 1.4 psychological level next. On the upside, above 1.4406 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 1.4533 resistance and bring fall resumption.

In the bigger picture, current decline in EUR/CHF should be resuming larger term down trend from 1.6827. Sustained trading below 1.4135 (2008 low) will confirm this case and should target 61.8% projection of 1.6368 to 1.4315 from 1.5138 at 1.3869 next. On the upside, break of 1.4557 spike low resistance is needed to be first signal of bottoming. Otherwise, outlook will remain bearish.