Daily Pivots: (S1) 1.0982; (P) 1.1029; (R1) 1.1054; More….
No change in EUR/CHF’s outlook as correction from 1.1149 is still extending. Intraday bias remains neutral for the moment. Deeper retreat cannot be ruled out, but downside should be contained by 1.0954 support to bring rise resumption. On the upside, break of 1.1149 will resume the whole rise from 1.0503 to 161.8% projection of 1.0503 to 1.0915 from 1.0737 at 1.1404.
In the bigger picture, current development suggests that whole down trend from 1.2004 (2018 high) has completed at 1.0503. Rise from there is starting a medium term up trend. Next target is 61.8% retracement of 1.2004 to 1.0503 at 1.1431 and above. This will now remain the favored case as long as 1.0915 resistance turned support holds.
