Daily Pivots: (S1) 1.0853; (P) 1.0890; (R1) 1.0915; More…
Despite breaching 1.0872 resistance turned support, EUR/CHF quickly recovered. Intraday bias in the cross remains neutral first. Price actions from 1.0986 is a corrective move and downside should be contained by 1.0791/0872 support zone to bring rise resumption. We’re holding on to the bullish view that corrective pattern from 1.1198 has completed already after defending 1.0653 fibonacci level. Firm break of 1.0999 resistance will pave the way for a retest on 1.1198 high.
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 1.0791 support holds.
