Daily Pivots: (S1) 1.0366; (P) 1.0381; (R1) 1.0389; More….
Intraday bias in EUR/CHF remains on the downside as fall from 1.0510 is in progress for 1.0324 low. Firm break there will resume larger down trend from 1.1149, and target 161.8% projection of 1.1149 to 1.0694 from 1.0936 at 1.0200 next. On the upside, above 1.0417 minor resistance will extend the corrective pattern with another rise leg. But upside should be limited by 38.2% retracement of 1.0936 to 1.0324 at 1.0558.
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, firm break of 1.0505 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of rebound.
