Daily Pivots: (S1) 1.0782; (P) 1.0811; (R1) 1.0827; More….
EUR/CHF’s sharp fall and break of 1.0788 minor support suggests that rebound from 1.0715 has completed earlier than expected at 1.0839. Failure below 55 day EMA retains near term bearishness too. Intraday bias is back on the downside for retesting 1.0715 first. Break will resume whole decline from 1.1149, towards 1.0505 low. On the upside, above 1.0839 will resume the rebound to 38.2% retracement of 1.1149 to 1.0715 at 1.0881.
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 1.0865) holds. Break of 1.0505 low would be seen at a later stage.
