Daily Pivots: (S1) 1.0693; (P) 1.0733; (R1) 1.0757; More….
Intraday bias in EUR/CHF stays on the downside as fall from 1.0936 is in progress for retesting 1.0694 low. Sustained break there will resume whole down trend from 1.1149. Next target is 61.8% projection of 1.1149 to 1.0694 from 1.0936 at 1.0655. On the upside, above 1.0770 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.0811 support turned resistance holds.
In the bigger picture, the rejection by 55 week EMA maintains medium term bearishness. Fall from 1.1149 (2021 high) is currently seen as the second leg of the patter from 1.0505 (2020 low) first. Hence, in case of deeper fall, we’d look for strong support from 1.0505 to bring rebound. However, sustained break of 1.0505 will resume the long term down trend from 1.2004 (2018 high). Also, medium term outlook will now be neutral at best as long as 1.0936 resistance holds.
