Daily Pivots: (S1) 1.4662; (P) 1.4700; (R1) 1.4724;

The break of 1.4722 support confirms that recent decline in EUR/CHF has resumed and at this point, intraday bias remains on the downside for 1.4577 key support next. On the upside above 1.4740 minor resistance will turn intraday bias neutral again but after all, short term outlook will remain bearish as long as 1.4808 resistance holds.

In the bigger picture, with EUR/CHF still staying well below 55 weeks EMA, fall from 1.5880 is likely still in progress. Current decline should have a test on 1.4577 support first and break will target 2008 low of 1.4315. On the upside, break of 1.5007 support turned resistance is needed be the first signal to indicate that fall from 1.5446 has finished and revive the case that 1.4577 is still in progress. Otherwise, medium term outlook will remain bearish.