Daily Pivots: (S1) 0.9282; (P) 0.9392; (R1) 0.9492; More….
Intraday bias in EUR/CHF is turned neutral with current recovery. But risk will stay on the downside as long as 0.9486 support turned resistance holds. On the downside, decisive break of 0.9331 structural support indicate that whole rally from 0.9204 has completed as a three-wave correction at 0.9660, after rejection by channel resistance. Deeper decline would be seen to retest 0.9204 low next.
In the bigger picture, rejection by long-term falling channel resistance (now at 0.9600) will retain medium term bearishness. That is, down trend from 1.2004 (2018 high) is still in progress. Downside breakout through 0.9204 low would then be in favor at a later stage.
