Daily Pivots: (S1) 1.0042; (P) 1.0086; (R1) 1.0117; More….
EUR/CHF’s fall continues today and breaches parity to as low as 0.9990 so far. Intraday bias stays on the downside for retesting 0.9970 low. Decisive break there will resume larger down trend. Next target is 0.9650 long term projection level. On the upside, however, above 1.0214 minor resistance will delay the bearish case, and turn bias back to the upside for stronger rebound.
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.
