Daily Pivots: (S1) 1.0676; (P) 1.0693; (R1) 1.0717; More…
EUR/CHF’s rally resumed by taking out 1.0725 and hits as high as 1.0763 so far. Intraday bias is back on the upside for 1.0811 support turned resistance next. On the downside, break of 1.0661 support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in case of retreat.
In the bigger picture, the down trend from 1.2004 (2018 high) remains intact despite the current rebound. As long as 1.0811 support turned resistance holds, outlook stays bearish for another decline through 1.0503 low. However, firm break of 1.0811 should confirm medium term bottoming at 1.0503. Stronger rise should be seen back to 1.1059 resistance and above.
