Daily Pivots: (S1) 0.9889; (P) 0.9922; (R1) 0.9977; More….
Intraday bias in EUR/CHF remains neutral for consolidation above 0.9864 temporary low. Upside of recovery should be limited well below 1.0216 support turned resistance to bring another fall. On the downside, break of 0.9864 will resume larger down trend to 0.9650 long term projection level.
In the bigger picture, rejection by 55 week EMA affirmed medium term bearishness. Long term down trend from 1.2004 (2018 high) is expected to target 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. On the upside, break of 1.0513 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
