Daily Pivots: (S1) 1.0327; (P) 1.0360; (R1) 1.0411; More….
EUR/CHF’s break of 1.0349 minor resistance suggests that pull back from 1.0513 has completed at 1.0216 already. More importantly, the development indicates that whole rebound from 0.9970 is still in progress. Intraday bias is back on the upside for retesting 1.0513 resistance next. On the downside, below 1.0306 minor support will turn intraday bias neutral again.
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.
