Daily Pivots: (S1) 1.0811; (P) 1.0842; (R1) 1.0879; More….
EUR/CHF’s breach of 1.0871 resistance suggests rally resumption. Intraday bias is back on the upside for 1.0915 resistance. Break there will also confirm resumption of whole rise form 1.0503. Next target is 61.8% projection of 1.0503 to 1.0915 from 1.0735 at 1.0990. On the downside, break of 1.0818 minor support will delay the bullish case and turn bias neutral first.
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.
