Daily Pivots: (S1) 1.0598; (P) 1.0623; (R1) 1.0635; More…
EUR/CHF gyrated lower with weak downside momentum and outlook is unchanged. With 1.0698 resistance intact, further decline is still expected. Fall from 1.0915 should target a test on 1.0503 low. On the upside, however, firm break of .0698 resistance will indicate short term bottoming. Intraday bias will be turned back to the upside for stronger rebound.
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.
