Daily Pivots: (S1) 1.0732; (P) 1.0757; (R1) 1.0771; More….
Intraday bias in EUR/CHF remains on the downside at this point. Sustained trading below 1.0737 cluster support (61.8% retracement of 1.0505 to 1.1149 at 1.0751) will extend the fall from 1.1149 to retest 1.0505 low. On the upside, break of 1.0802 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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 1.1149 resistance holds. Break of 1.0505 low would be seen at a later stage.
