Daily Pivots: (S1) 1.0383; (P) 1.0398; (R1) 1.0407; More….
Range trading continues in EUR/CHF and intraday bias remains neutral for the moment. Outlook stays bearish with 1.0511 resistance intact and further decline is expected. On the downside, break of 1.0365 will resume larger down trend from 1.1149 to 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 now extending. 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 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of rebound.
