Daily Pivots: (S1) 1.0842; (P) 1.0853; (R1) 1.0864; More…
EUR/CHF’s pull back from 1.0986 is still in progress and deeper fall could be seen. But we’d expect strong support from 1.0791/0872 support zone, probably around 55 day EMA (now at 1.0831) to complete the correction from 1.0986. Break of 1.0902 minor resistance will turn bias back to the upside for 1.0986/0999. Overall, rise from 1.0629 is expected to resume later.
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Such correction could have completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0791 support holds.
