Daily Pivots: (S1) 1.0901; (P) 1.0917; (R1) 1.0943; More….
EUR/CHF’s break of 1.0925 suggests short term bottoming at 1.0863. Intraday bias is turned to the upside for stronger rebound. But outlook will stay bearish as long as 1.1026 resistance holds. Break of 1.0863 will resume the decline from 1.1149, to next cluster support zone at 1.0737, (61.8% retracement of 1.0505 to 1.1149 at 1.0751).
In the bigger picture, current development argues that rebound from 1.0505 might be completed at 1.1149 already. Rejection by 55 month EMA (now at 1.1077) at least keeps medium term bearishness open. Sustained break of 1.0737 support will argue that the down trend from 2004 (2018 high) is ready to resume through 1.0505 low. Sustained trading below 55 week EMA (now at 1.0879) will affirm this bearish case.
