Daily Pivots: (S1) 0.9807; (P) 0.9846; (R1) 0.9884; More….
EUR/CHF is losing some downside momentum as seen in 4 hour MACD. But further decline is still in favor with 0.9953 minor resistance intact. Current down trend should target 0.9650 long term projection level. On the upside, above 0.9953 minor resistance will turn intraday bias back to the upside for stronger rebound first.
In the bigger picture, rejection by 55 week EMA affirmed medium term bearishness. Long term down trend from 1.2004 (2018 high) is expected to target 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. On the upside, break of 1.0513 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
