Daily Pivots: (S1) 1.0858; (P) 1.0878; (R1) 1.0891; More…
EUR/CHF retreated after hitting 1.0907 and intraday bias is turned neutral again. We’d favoring the case that pull back from 1.0986 has completed at 1.0837 already. Above 1.0907 will turn bias to the upside for retesting 1.0986/0999 resistance zone. Below 1.0836 will extend the correction. Still, we’d expect strong support from 1.0791/0872 support zone to bring rebound.
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.
