Daily Pivots: (S1) 1.0991; (P) 1.1024; (R1) 1.1066; More….

Intraday bias in EUR/CHF remains on the upside at point. Decisive break of 1.1059/76 long term cluster resistance next will carry larger bullish implication. Next target will be 100% projection of 1.0503 to 1.0915 from 1.0737 at 1.1149. On the downside, break of 1.0980 minor support will turn intraday bias neutral 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.

Source link