Daily outlook EUR / CHF | Forex action

Daily pivots: (S1) 1.0576; (P) 1.0599; (R1) 1.0636; More

Intraday bias in EUR / CHF remains neutral as range trading continues. The outlook remains bearish with a resistance at 1.0710 intact. The breakout of 1.0523 will resume the downward trend at 100% from 1.1476 to 1.0811 from 1.1059 to 1.0394 thereafter. However, on the upside, a breakout of 1.0710 will indicate a short term dip. A more vigorous rebound would return to the 1.0811 / 1059 resistance zone.

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Overall, the downward trend from 1.2004 (2018 peak) is still underway. A sustained breakout of 1.0629 will open the way for parity afterwards. In all cases, the outlook will remain bearish as long as the 1.0811 support becomes resistance, in case of a rebound. However, given the upside convergence conditions of the daily MACD, a firm resistance of 1.0811 will indicate a low in the medium term.


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