EUR/CHF’s rebound from 1.0737 extended to as high as 1.0811 last week. The development suggests that correction from 1.0890 has completed at 1.0737. Initial bias is back on the upside this week for retesting 1.0890/0915 resistance zone. Decisive break there will resume whole rebound from 1.0503.
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.
