Daily Pivots: (S1) 1.1998; (P) 1.2073; (R1) 1.2119; More

EUR/CHF resumes recent down trend and reaches new record low of 1.1845 so far. Intraday bias is back on the downside and further fall should be seen to 100% projection of 1.3833 to 1.2399 from 1.3243 at 1.1809 next. On the upside, above 1.1946 minor resistance will turn bias neutral and bring consolidations first.

In the bigger picture, whole down trend from 1.6827 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3243 resistance holds. The current down trend would likely continue towards long term target of 138.2% projection of 1.8234 to 1.4391 from 1.6827 at 1.1516.

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