Daily Pivots: (S1) 1.0438; (P) 1.0467; (R1) 1.0526; More….
EUR/CHF’s rally is still in progress and intraday bias remains on the upside for 100% projection of 0.9970 to 1.0086 from 1.0400 at 1.0516. This is close to long term resistance level at 1.0505. Sustained break of 1.0505/16 will carry larger bullish implications. Next near term target will be 161.8% projection at 1.0782. On the downside, below 1.0400 minor support will turn intraday bias neutral first.
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.
