Daily Pivots: (S1) 1.0315; (P) 1.0337; (R1) 1.0374; More….
EUR/CHF’s down trend resumed by taking out 1.0324 and hit as low as 1.0298. But a temporary low was quickly formed and intraday bias is turned neutral again first. Upside of recovery should be limited below 1.0510 resistance to bring another fall. Break of 1.0298 will resume the down trend from 1.1149 and target 161.8% projection of 1.1149 to 1.0694 from 1.0936 at 1.0200 next.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. On the upside, firm break of 1.0505 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of rebound.
