Daily Pivots: (S1) 1.0856; (P) 1.0877; (R1) 1.0914; More….
EUR/CHF is staying in range below 1.0899 and intraday bias remains neutral first. Further rise is still in favor and break of break of 1.0899 will resume the rebound from 1.0694 to 1.0985 resistance next. However, on the downside, break of 1.0833 support 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 1.0858) 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.
