Daily Pivots: (S1) 1.0957; (P) 1.0972; (R1) 1.0983; More….
EUR/CHF retreats again after hitting 1.0985 and intraday bias is turned neutral again. Outlook stays bearish with 1.1026 resistance intact. Break of 1.0939 support will argue that rebound from 1.0863 has completed. Intraday bias is turned back to the downside for retesting 1.0863 low. On the upside, above 1.0985 will resume the rebound towards 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. Nevertheless, strong support from 55 week EMA will revive the case for resuming the rise from 1.0505 at a later stage.
