Daily Pivots: (S1) 1.0135; (P) 1.0188; (R1) 1.0220; More….
EUR/CHF’s break of 1.0184 minor support argues that rebound from 0.9970 has completed at 1.0400 already, ahead of 38.2% retracement of 1.1149 to 0.9970 at 1.0420. Rejection by 55 day EMA also revives near term bearishness. Intraday bias is now back on the downside for retesting 0.9970 low. On the upside however, above 1.0242 minor resistance will mix up the outlook and turn intraday bias neutral first.
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. In any case, sustained break of 1.0505 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.
