Daily Pivots: (S1) 0.9611; (P) 0.9679; (R1) 0.9722; More….
Intraday bias in EUR/CHF remains neutral for the moment. On the downside, below 0.9631 will bring retest of 0.9550 low. Firm break there will resume larger down trend. On the upside, break of 0.9780 minor resistance will argue that corrective rebound from 0.9550 is resuming. Intraday bias will be back to the upside for 38.2% retracement of 1.0512 to 0.9550 at 0.9917.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 138.2% projection of 1.2004 to 1.0505 to 1.1149 at 0.9033. On the upside, break of 0.9970 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
