Daily Pivots: (S1) 1.0851; (P) 1.0865; (R1) 1.0879; More….
A temporary top is formed at 1.0878 in EUR/CHF as it loses upside momentum. Intraday bias is turned neutral first. Fall from 1.1149 could have completed at 1.0694. Further rise is in favor as long as 1.0780 support holds. Break of 1.0878 will target 1.0985 resistance next. However, on the downside, break of 1.0780 will turn bias back to the downside for retesting 1.0694 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 55 week EMA (now at 1.0859) holds. Break of 1.0505 low would be seen at a later stage. However, sustained trading above 55 week EMA will bring retest of 1.1149 high instead.
