Daily Pivots: (S1) 1.0298; (P) 1.0340; (R1) 1.0402; More….
EUR/CHF recovers after diving to 1.0277. But still, with 1.0459 resistance intact, further decline is expected. The down larger down trend from 1.1149 should be resuming. Sustained trading below 1.0298 will target 61.8% projection of 1.0936 to 1.0298 from 1.0610 at 1.0216. However, strong break of 1.0459 will bring further rebound to 1.0610 resistance instead.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. Sustained break there will target 100% projection at 0.9650. In any case, break of 1.0610 resistance is needed to be the first sign of bottoming. Otherwise, outlook will remain bearish.
