Daily Pivots: (S1) 0.9863; (P) 0.9904; (R1) 0.9931; More….
EUR/CHF is still staying in range below 0.9953 minor resistance. Intraday bias remains neutral first. On the upside, break of 0.9953 minor resistance will suggest short term bottoming at 0.9804, on bullish convergence condition in 4 hour MACD. Intraday bias will be back on the upside for 55 day EMA (now at 1.0110). On the downside, break of 0.9804 will resume larger down trend to 0.9650 long term projection level.
In the bigger picture,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.
