Daily Pivots: (S1) 1.0741; (P) 1.0756; (R1) 1.0774; More….
Intraday bias in EUR/CHF is turned neutral with current recovery. But further decline is expected as long as 1.0799 resistance holds. On the downside, below 1.0735 will resume the fall form 1.0871 to retest 1.0661, as another falling leg in the consolidation pattern from 1.0915. Nevertheless, firm break of 1.0799 will bring retest of 1.0871 resistance.
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.
