Daily Pivots: (S1) 1.0815; (P) 1.0834; (R1) 1.0852; More…
Intraday bias in EUR/CHF remains neutral for the moment. Further rise is expected with 1.0791 support intact. Above 1.0872 will target 1.0897 resistance. Decisive break there should confirm our bullish view of reversal and will target 1.0999 resistance next Nonetheless, break of 1.0798 support will indicate short term topping and turn focus back to 55 day EMA (now at 1.0738).
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Current strong rebound is raising the chance that it’s completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0652 support holds.
