Daily Pivots: (S1) 0.9445; (P) 0.9517; (R1) 0.9567; More….
EUR/CHF’s fall from 0.9660 resumed with downside acceleration. Current development suggests that rise from 0.9204 has completed as a three-wave correction, after rejection by long-term falling channel resistance. Intraday bias is back on the downside for 0.9331 support first. On the upside, above 0.9486 support turned resistance will turn intraday bias neutral again first.
In the bigger picture, rejection by long-term falling channel resistance (now at 0.9600) retains medium term bearishness. That is, down trend from 1.2004 (2018 high) is still in progress. Downside breakout through 0.9204 low is in favor at a later stage.
