Daily Pivots: (S1) 1.0734; (P) 1.0749; (R1) 1.0779; More….
Intraday bias in EUR/CHF remains neutral for the moment and some more consolidations could be seen above 1.0715 temporary low. Outlook will stay bearish as long as 1.0802 support turned resistance holds. On the downside, break of 1.0715 will resume larger fall from 1.1149 to retest 1.0505 low. On the upside, though, break of 1.0802 will indicate short term bottoming and bring stronger rebound first.
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.
