Daily Pivots: (S1) 0.9465; (P) 0.9543; (R1) 0.9588; More….
Intraday bias in EUR/CHF is turned neutral again with current recovery, but outlook remains bearish with 0.9712 resistance intact. Break of 0.9407 will resume larger down trend. Next target is 61.8% projection of 1.0512 to 0.9550 from 0.9864 at 0.9269.
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 0.9864 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
