Daily Pivots: (S1) 0.9739; (P) 0.9787; (R1) 0.9813; More….
EUR/CHF retreated after hitting 0.9833 and intraday bias is turned neutral first. Corrective recovery from 0.9550 might still extend higher, but upside should be limited by 38.2% retracement of 1.0512 to 0.9550 at 0.9917 to bring down trend resumption. On the downside, below 0.9696 minor support will turn bias back to the downside for retesting 0.9950 low.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 138.2% projection of 1.2004 to 1.0505 to 1.1149 at 0.9033. On the upside, break of 0.9970 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
