Daily Pivots: (S1) 1.0237; (P) 1.0264; (R1) 1.0301; More….
EUR/CHF’s break of 1.0289 minor resistance suggests that pull back from 1.0369 has completed. Intraday bias is back on the upside for 1.0369/0400 resistance zone. Firm break there will resume the rebound from 0.9970 to 1.0610 structural resistance. On the downside,e below 1.0186 will extend the corrective pattern from 1.0400 with deeper fall back to 1.0086 support.
In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, long term down trend from 1.2004 (2018 high) is expected to continue. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, firm break of 1.0505 will suggest medium term bottoming, and bring stronger rebound towards 1.1149 structural resistance.
