Daily Pivots: (S1) 1.0686; (P) 1.0726; (R1) 1.0746; More….
EUR/CHF’s rebound lost momentum after hitting 1.0764 and intraday bias is turned neutral again. On the downside, break of 1.0678 will resume larger fall from 1.1149, towards 61.8% projection of 1.1149 to 1.0694 from 1.0936 at 1.0655. On the upside, above 1.0764 will resume the rebound to 55 day EMA (now at 1.0787) and possibly above.
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.
