EUR/CHF Daily Analysis
EUR/CHF’s break of 1.0246 dampens the bullish view and argues that the corrective pattern from 1.0400 is extending with another falling leg. Intraday bias is back not the downside for 1.0086 support. On the upside, though, the break of 1.0400 resistance will resume the rebound from 0.9970 to 1.0610 structural resistance instead.
In the bigger picture, the long-term downtrend from 1.2004 (2018 high) is still in progress. The next target is a 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. In any case, a sustained break of 1.0505 support turned resistance (2020 low) is needed to be the first sign of medium-term bottoming. Otherwise, the outlook will remain bearish.
