Daily Pivots: (S1) 1.0759; (P) 1.0776; (R1) 1.0788; More….
EUR/CHF’s fall from 1.1149 is still in progress and intraday bias remains on the downside. Next target is 1.0737/51 cluster support. Sustained break there will pave the way back to 1.0505 low. On the upside, break of 1.0863 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, current development argues that rebound from 1.0505 (2020 low) might be completed with three waves up to 1.1149 already, after hitting 1.1078 long term fibonacci level. On the downside, sustained trading below 55 week EMA (now at 1.0880) will affirm this bearish case. Further break of 1.0737 cluster support (61.8% retracement of 1.0505 to 1.1149 at 1.0751) will bring retest of 1.0505 low.