Daily Pivots: (S1) 1.0635; (P) 1.0691; (R1) 1.0727; More…
Intraday bias in EUR/CHF remains on the downside at this point. Rebound from 1.0503 has completed earlier than expected at 1.0915. Deeper fall would be seen to 55 day EMA (now at 1.0640). Sustained break there will bring retest of 1.0503 low. On the upside, though, above 1.0746 minor resistance will turn bias to the upside for retesting 1.0915 instead.
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.
