Daily Pivots: (S1) 1.0788; (P) 1.0802; (R1) 1.0815; More…
Intraday bias in EUR/CHF remains neutral at this point and further rise remains in favor. Current development suggests that consolidation pattern from 1.0915 has completed with three waves to 1.0661. On the upside, break of 1.0824 will target 1.0877 resistance to confirm this bullish case. However, break of 1.0772 support will likely extend the pattern with another falling leg and turn bias to the downside.
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.
