Daily Pivots: (S1) 1.0950; (P) 1.0965; (R1) 1.0973; More….
Intraday bias in EUR/CHF remains neutral at this point and outlook is unchanged. As long as 1.0915 cluster support (38.2% retracement 1.0505 to 1.1149 at 1.0903) holds, we’d still treat the price actions from 1.1149 as a correction. Break of 1.1026 resistance would argue that larger up trend is resuming. However, sustained break of 1.0903/15 will suggest bearish reversal, or at least bring deeper fall to next cluster support zone at 1.0737 support zone (61.8% retracement at 1.0751).
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.
