Daily Pivots: (S1) 1.0816; (P) 1.0857; (R1) 1.0878; More….
Intraday bias in EUR/CHF is turned neutral with break of 1.0843 minor support. Some consolidations could be seen. But we’d still favoring another rally for now. Break of 1.0898 will resume the rebound from 1.0694 to 1.0985 resistance next. However, sustained trading below 55 day EMA (now at 1.0825) will turn focus back to 1.0694 low.
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 1.0859) holds. Break of 1.0505 low would be seen at a later stage. However, sustained trading above 55 week EMA will bring retest of 1.1149 high instead.
