Daily Pivots: (S1) 0.9420; (P) 0.9448; (R1) 0.9469; More….
EUR/CHF’s steep decline and break of near term channel support argues that corrective rebound from 0.9204 has completed at 0.9516 already. Intraday bias is back on the downside for 0.9336 support first. Firm break there will solidify this bearish case and target a retest on 0.9204 low. On the upside, though, above 0.9424 support turned resistance will turn intraday bias neutral again first.
In the bigger picture, current development argues that rebound from 0.9204 has completed as a corrective move after failing to sustain above 38.2% retracement of 0.9928 to 0.9204 at 0.9481. Firm break of 0.9204/9 support zone will confirm larger down trend resumption.
