Daily Pivots: (S1) 1.0881; (P) 1.0895; (R1) 1.0918; More….
Intraday bias in EUR/CHF is turned neutral with current recovery. But outlook stays bearish with 1.0925 support turned resistance intact. Below 1.0863 will resume the fall from 1.1149 to next cluster support zone at 1.0737, (61.8% retracement of 1.0505 to 1.1149 at 1.0751). Nevertheless, firm break of 1.0925 will indicate short term bottoming, and turn bias back to the upside for 1.1026 resistance.
In the bigger picture, current development argues that rebound from 1.0505 might be completed at 1.1149 already. Rejection by 55 month EMA (now at 1.1077) at least keeps medium term bearishness open. Sustained break of 1.0737 support will argue that the down trend from 2004 (2018 high) is ready to resume through 1.0505 low. Sustained trading below 55 week EMA (now at 1.0879) will affirm this bearish case.
