Home Trading EUR/CHF Mid-Day Outlook – Action Forex

EUR/CHF Mid-Day Outlook – Action Forex

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Daily Pivots: (S1) 0.9982; (P) 1.0014; (R1) 1.0052; More….

EUR/CHF’s down trend resumes by breaking 0.9943 temporary low. Intraday bias is back on the downside. Next target if 0.9650 long term projection level. On the upside, break of 1.0044 minor resistance will turn intraday bias neutral and bring consolidations, before staging another decline.

In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, long term down trend from 1.2004 (2018 high) is expected to continue. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, firm break of 1.0505 will suggest medium term bottoming, and bring stronger rebound towards 1.1149 structural resistance.

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