Daily Pivots: (S1) 1.0702; (P) 1.0724; (R1) 1.0751; More….
EUR/CHF’s fall resumes after brief recovery and intraday bias is back on the upside. Current fall form 1.1149 should target 61.8% projection of 1.0985 to 1.0715 from 1.0839 at 1.0672 first. Break will target 100% projection at 1.0569 next. On the upside, above 1.0756 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 1.0839 resistance holds.
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 55 week EMA (now at 1.0865) holds. Break of 1.0505 low would be seen at a later stage.
