Daily Pivots: (S1) 1.0528; (P) 1.0550; (R1) 1.0564; More….
EUR/CHF’s breach of 1.0532 suggests down trend resumption. Intraday bias is back on the downside. Current fall from 1.1149 should target 100% projection of 1.1149 to 1.0694 from 1.0936 at 1.0481. On the upside, however, break of 1.0596 minor resistance will turn bias to the upside for stronger rebound back towards 1.0678 support turned resistance.
In the bigger picture, current downside momentum argues that fall from 1.1149 is probably resuming the down trend from 1.2004 (2018 high). Next focus is 1.0505 (2020 low). Decisive break there will confirm this bearish case and target 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223 next. Strong support from 1.0505 will bring rebound first. But outlook will stay bearish as long as 1.0936 resistance holds.
