Daily Pivots: (S1) 0.9827; (P) 0.9856; (R1) 0.9885; More….
EUR/CHF continues to lose downside momentum but there is no clear sign of bottoming yet. Further decline is in favor to 0.9650 long term projection level next. 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.
