Daily Pivots: (S1) 1.0906; (P) 1.0920; (R1) 1.0929; More….

EUR/CHF drops to as low as 1.0864 so far and intraday bias remains on the downside. Break of 1.0863 support will resume whole decline from 1.1149. Deeper fall should then be seen to 1.0737 cluster support zone. On the upside, break of 1.0906 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.0985 resistance holds.

In the bigger picture, current development argues that rebound from 1.0505 (2020 low) might be completed at 1.1149 already. Rejection by 55 month EMA (now at 1.1074) at least keeps medium term bearishness open. Sustained break of 1.0737 cluster support (61.8% retracement of 1.0505 to 1.1149 at 1.0751) 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 1.0885) will affirm this bearish case. Nevertheless, strong support from 55 week EMA will revive the case for resuming the rise from 1.0505 at a later stage.



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