Daily Pivots: (S1) 1.0714; (P) 1.0767; (R1) 1.0798; More….
Intraday bias in EUR/CHF remains on the downside for 1.0715 support first. Firm break there will resume whole decline from 1.1149, towards 1.0505 low. On the upside, above 1.0770 minor resistance will turn intraday bias neutral first. Further break of 1.0839 resistance will resume the rebound to 38.2% retracement of 1.1149 to 1.0715 at 1.0881.
In the bigger picture, rebound from 1.0505 (2020 low) should have completed at 1.1149 already. The three-wave corrective structure argues that the downtrend from 1.2004 (2018 high) is not over yet. Medium term outlook will now stay bearish as long as 55 week EMA (now at 1.0865) holds. Break of 1.0505 low would be seen at a later stage.
