EUR/CHF’s decline from 1.0890 resumed last week and reached as low as 1.0748 so far. Initial bias stays on the downside this week for 1.0737 support first. Decisive break there will confirm the start of another falling leg inside the pattern from 1.0915. Deeper decline would be seen to 1.0658 support. On the upside, above 1.0813 minor resistance will turn intraday bias neutral again first.
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.
