Daily Pivots: (S1) 1.0722; (P) 1.0731; (R1) 1.0740; More….
EUR/CHF is losing some downside momentum as seen in 4 hour MACD, but there is no sign of bottoming yet. Intraday bias stays on the downside. Current decline from 1.1149 would target a retest on 1.0505 low. On the upside, 1.0802 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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 1.1149 resistance holds. Break of 1.0505 low would be seen at a later stage.
