Daily Pivots: (S1) 1.0918; (P) 1.0946; (R1) 1.0959; More….
EUR/CHF’s decline was a bit deeper than expected, but it has recovered back above 1.0954 support quickly. Intraday bias remains neutral first and larger rise from 1.0503 is still in favor to resume. Break of 1.1073 resistance will target a test on 1.1149 high first.
In the bigger picture, whole down trend from 2004 (2018 high) should have completed at 1.0503. Rise from there is starting a medium term up trend. Next target is 61.8% retracement of 1.2004 to 1.0503 at 1.1431 and above. This will now remain the favored case as long as 1.0915 resistance turned support holds. However, sustained break of 1.0915 will argue that rise from 1.0503 might be completed, and bring deeper fall to 1.0737 support next.
