Daily Pivots: (S1) 0.9479; (P) 0.9597; (R1) 0.9727; More….
Despite edging higher to 0.9712, EUR/CHF quickly retreated. Intraday bias remains neutral first. On the upside, break of 0.94680 will bring stronger rise back to 0.9864 resistance. But overall, outlook will stays bearish as long as 0.9864 resistance holds. On the downside, below 0.9464 will resume larger down trend.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 138.2% projection of 1.2004 to 1.0505 to 1.1149 at 0.9033. On the upside, break of 0.9864 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
