Daily Pivots: (S1) 0.9975; (P) 1.0067; (R1) 1.0114; More….
EUR/CHF drops to as low as 0.9970 so far, and met 100% projection of 1.0936 to 1.0298 from 1.0610 at 0.9972 already. There is no clear sign of bottoming yet. Firm break of 0.9772 will target 161.8% projection at 0.9578. On the upside, break of 1.0115 minor resistance will turn intraday bias neutral first. But in any case, near term outlook will stay bearish as long as 1.0298 resistance turned support holds.
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. Firm break there will target 100% projection at 0.9650. In any case, break of 1.0505 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.
