Daily Pivots: (S1) 1.0864; (P) 1.0883; (R1) 1.0893; More….

Intraday bias in EUR/CHF remains on the downside at this point. Current fall from 1.1149 should at least be correcting whole up trend from 1.0505, with possibility of trend reversal. Deeper fall should be seen to next cluster support zone at 1.0737, (61.8% retracement of 1.0505 to 1.1149 at 1.0751). On the upside, break of 1.0925 resistance turned support is needed to be the first sign of short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, current development argues that rebound from 1.0505 might be completed at 1.1149 already. Rejection by 55 month EMA (now at 1.1077) at least keeps medium term bearishness open. Sustained break of 1.0737 support will argue that the down trend from 2004 (2018 high) is ready to resume through 1.0505 low. Sustained trading below 55 week EMA (now at 1.0879) will affirm this bearish case.



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