EUR/CHF Daily Analysis
Intraday bias in EUR/CHF stays on the downside at this point. A sustained break of 0.9970 low will resume a larger downtrend. The next target is the 0.9650 long-term projection level. On the upside, however, above 1.0214 minor resistance will delay the bearish case, and turn bias back to the upside for a stronger rebound.
In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, the long-term downtrend from 1.2004 (2018 high) is expected to continue. The next target is a 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, a firm break of 1.0505 will suggest medium-term bottoming, and bring a stronger rebound towards 1.1149 structural resistance.
