Daily Pivots: (S1) 1.0457; (P) 1.0487; (R1) 1.0516; More….
Intraday bias in EUR/CHF stays mildly on the upside at this point. Sustained break of 100% projection of 0.9970 to 1.0086 from 1.0400 at 1.0516 and 1.0505 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.
