Daily Pivots: (S1) 1.0210; (P) 1.0243; (R1) 1.0309; More….
EUR/CHF’s rebound from 1.0086 is extending higher and intraday bias stays on the upside. Current development suggests that rise from 1.0400 might be resuming. Firm break there will confirm and target 1.0610 resistance next. On the downside, below 1.0165 will turn bias back to the downside for 1.0086 and below 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. In any case, sustained break of 1.0505 support turned resistance (2020 low) is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.
