EUR/CHF surged to as high as 1.0915 last week and took out 1.0811 key resistance decisively. Intraday bias remains on the upside this week for 1.105976 cluster resistance zone next. On the downside, break of 1.0744 support is needed to indicate short term topping. Otherwise, outlook will now remain bullish in case of retreat.
In the bigger picture, the strong break of 1.0811 key support turned resistance suggests that whole down trend from 1.2004 (2018 high) has completed at 1.0503. Rise from 1.0503 could either be correcting the down trend from 1.2004. Or it could be starting a new up trend. Focus is now on 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076). Decisive break there will pave the way to 61.8% retracement at 1.1431 and above. Though, rejection by 1.1059/76 will revive medium term bearishness.
