Daily Pivots: (S1) 1.0257; (P) 1.0296; (R1) 1.0337; More….
EUR/CHF is staying in consolidation from 1.0228 and intraday bias remains neutral. Further fall is expected with 1.0359 resistance intact. On the downside, below 1.0228 will reaffirm the case that corrective rebound from 0.9970 has completed at 1.0513. Deeper fall would be seen to 1.0086 support next. However, above 1.0359 will dampen this bearish view and bring stronger recovery back towards 1.0513 resistance.
In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, long term down trend from 1.2004 (2018 high) is expected to continue. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, firm break of 1.0505 will suggest medium term bottoming, and bring stronger rebound towards 1.1149 structural resistance.
