Daily Pivots: (S1) 0.9266; (P) 0.9278; (R1) 0.9286; More….
Intraday in EUR/CHF remains neutral for the moment. While recovery from 0.9208 could extend, upside should be limited below 0.9311 support turned resistance. On the downside, below 0.9236 will bring retest of 0.9208 low first. Decisive break of 0.9204/8 will confirm larger down trend resumption. Next target is 61.8% projection of 0.9660 to 0.9218 from 0.9452 at 0.9179. However, sustained break of 0.9311 will bring stronger rebound back to 0.9452 resistance instead.
In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9385). Firm break of 0.9204 will resume the whole down trend from 1.2004 (2018 high). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Break of 0.9452 resistance is needed to be the first sign of medium term bottoming.
