EUR/CHF Daily Analysis
On the downside, the break of 1.0360 will suggest that a rebound from 0.9970 has been completed as a three-wave corrective move at 1.0513. That came after rejection by a 100% projection of 0.9970 to 1.0086 from 1.0400 at 1.0516 and 1.0505. Intraday bias will be turned back to the downside for 1.0186 support first. On the upside, however, a sustained break of 1.0505 long-term resistance will carry larger bullish implications. The next target is a 161.8% projection at 1.0782.
In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, the long-term downtrend from 1.2004 (2018 high) is expected to continue. The next target is a 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, a firm break of 1.0505 will suggest medium-term bottoming, and bring a more robust rebound towards 1.1149 structural resistance.
