Daily Pivots: (S1) 1.0772; (P) 1.0788; (R1) 1.0821; More….
EUR/CHF’s break of 1.0802 resistance suggests short term bottoming at 1.0715, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for 38.2% retracement of 1.1149 to 1.0715 at 1.0881. On the downside, break of 1.0765 minor support will turn bias back to the downside for retesting 1.0715 low instead.
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.
