Daily Pivots: (S1) 1.0839; (P) 1.0853; (R1) 1.0875; More….
Intraday bias in EUR/CHF remains neutral for the moment and further rally is expected with 1.0790 support intact. We’re holding on to the view that consolidation pattern from 1.0915 has completed with three waves to 1.0661. On the upside, decisive break of 1.0877 should confirm this bullish case and target 1.0915 and above. On the downside, however, break of 1.0790 support will dampen this bullish case, and turn bias to the downside to extend the consolidation from 1.0915.
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.
