Daily Pivots: (S1) 1.0787; (P) 1.0818; (R1) 1.0865; More…
EUR/CHF’s breach of 1.0838 resistance suggests that rise from 1.0602 is resuming. Further rise is now in favor as long as 1.0739 support holds, towards 1.0915 resistance. However, break of 1.0739 will suggest that rebound from 1.0602 has completed and turn bias back to the downside for this support.
In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1059/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.
