Daily Pivots: (S1) 1.0712; (P) 1.0730; (R1) 1.0741; More…
EUR/CHF drops sharply after being rejected by 1.0749 resistance, but stays above 1.0688 temporary low. Intraday bias remains neutral first and further decline is still expected. Fall from 1.0877 is seen as the third leg of the corrective pattern from 1.0915. Break of 1.0688 will target 1.0602 support next. However, on the upside, break of 1.0749 minor resistance will mix up the near term outlook again.
In the bigger picture, price actions from 1.0503 are still seen as a consolidation pattern. With 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) intact, the 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.
