Daily Pivots: (S1) 1.0653; (P) 1.0673; (R1) 1.0685; More…
EUR/CHF is staying in consolidation above 1.0635 temporary low and intraday bias remains neutral. Further decline is expected as long as 1.0769 resistance holds. On the downside, break of 1.0635 will extend the fall from 1.0915 towards 1.0503 low. Nevertheless, firm break of 1.0769 will turn bias back to the upside for 1.0915 resistance.
In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1049/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.
