Daily Pivots: (S1) 1.0782; (P) 1.0811; (R1) 1.0827; More….
Intraday bias in EUR/CHF remains neutral at this point. With 1.0788 minor support intact, another rise is still mildly in favor. On the upside, above 1.0839 will resume the rebound from 1.0715 short term bottom to 38.2% retracement of 1.1149 to 1.0715 at 1.0881. We’d monitor the reaction to 1.0881 to assess the chance of bullish reversal. On the downside, break of 1.0788 minor support will turn bias back to the downside for retesting 1.0715 low instead.
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 1.0869) holds. Break of 1.0505 low would be seen at a later stage.
