Daily Pivots: (S1) 1.0211; (P) 1.0250; (R1) 1.0307; More….
EUR/CHF’s break of 1.0298 support turned resistance now suggests that decline from 1.1149 has completed with five waves down to 0.9970, after defending parity. Intraday bias is now back on the upside for stronger rebound to 38.2% retracement of 1.1149 to 0.9970 at 1.0420 first. On the downside, however, break of 1.0184 support will turn bias back to the downside for retesting 0.9970 low instead.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. Firm break there will target 100% projection at 0.9650. In any case, break of 1.0505 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.
