Daily Pivots: (S1) 1.0928; (P) 1.0940; (R1) 1.0961; More…
A temporary top is in place at 1.0957 in EUR/CHF with 4 hour MACD crossed below signal line. Intraday bias is turned neutral first. Downside of retreat should be contained by 1.0884 minor support to bring another rally. Rise from 1.0629 should be resuming. Above 1.0957 will send EUR/CHF through 1.0986/0999 resistance zone to 61.8% projection of 1.0652 to 1.0986 from 1.0830 at 1.1036.
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 1.0830 support holds.
