Daily Pivots: (S1) 0.9979; (P) 1.0038; (R1) 1.0104; More….
A temporary low is formed at 0.9907 in EUR/CHF with current recovery. Intraday bias is turned neutral first. Some consolidation could be seen, but upside should be limited well below 1.0298 support turned resistance to bring down trend resumption. On the downside, firm break of 0.9970 will target 161.8% projection of 1.0936 to 1.0298 from 1.0610 at 0.9578.
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.
