Daily Pivots: (S1) 0.9291; (P) 0.9306; (R1) 0.9326; More….
EUR/CHF’s break of 0.9311 support turned resistance argues that fall from 0.9452 has completed at 0.9208, ahead of 0.9204 low. Intraday bias is back on the upside for 0.9371 resistance first. Firm break there will target 0.9452 next. On the downside, below 0.9283 minor support will turn intraday bias neutral again.
In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9386). Firm break of 0.9204 will resume the whole down trend from 1.2004 (2018 high). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Break of 0.9452 resistance is needed to be the first sign of medium term bottoming.
