Daily Pivots: (S1) 1.0777; (P) 1.0798; (R1) 1.0810; More….
EUR/CHF’s break of 1.0794 support suggests that rebound form 1.0737 has completed at 1.0844. Intraday bias is back on the downside for 1.0737 first. Break there will target 1.0658, as another falling leg inside the sideway pattern from 1.0915.
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.
