Daily Pivots: (S1) 1.0739; (P) 1.0752; (R1) 1.0775; More…
EUR/CHF recovers ahead of 1.0721 support but stays well below 1.0877 resistance. Intraday bias remains neutral first. On the upside, break of 1.0877 will resume the rise from 1.0602 and target a test on 1.0915 high next. On the downside, however, break of 1.0721 support will argue that the rebound from 1.0602 has completed. Intraday bias will be turned back to the downside for retesting this support.
In the bigger picture, price actions from 1.0503 are still seen as a consolidation pattern. With 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) intact, the down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1059/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.
