Daily Pivots: (S1) 1.0467; (P) 1.0481; (R1) 1.0503; More….
EUR/CHF’s down trend resumes by breaking 1.0446 and intraday bias is back on the downside. Current fall from 1.1149 should target 161.8% projection of 1.1149 to 1.0694 from 1.0936 at 1.0200 next. On the upside, however, break of 1.0511 minor resistance will indicate short term bottoming and turn bias back to the upside for stronger rebound.
In the bigger picture, down trend from 1.2004 (2018 high) should be resuming with break of 1.0505 (2020 low). Next target is 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. On the upside, break of 1.0694 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.
