Daily Pivots: (S1) 0.9849; (P) 0.9900; (R1) 0.9936; More….
Intraday bias in EUR/CHF stays neutral at this point and outlook stays bearish with 0.9953 minor resistance intact. Firm break of 0.9084 low will resume larger down trend. next target is 0.9650 long term projection level. On the upside, however, break of 0.9953 minor resistance will suggest short term bottoming at 0.9804, on bullish convergence condition in 4 hour MACD. Intraday bias will be back on the upside for 55 day EMA (now at 1.0108).
In the bigger picture,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.
