Daily Pivots: (S1) 1.0409; (P) 1.0430; (R1) 1.0455; More….
Intraday bias in EUR/CHF remains on the upside at this point. Rebound from 1.0324 short term bottom would target 55 day EMA (now at 1.0472). Sustained break there will target 38.2% retracement of 1.0936 to 1.0324 at 1.0558. On the downside, below 1.0397 minor support will bring retest of 1.0324 low instead.
In the bigger picture, long term down trend from 1.2004 (2018 high) is now extending. Next target is 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. On the upside, break of 1.0505 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of rebound.
