Daily Pivots: (S1) 1.1068; (P) 1.1084; (R1) 1.1113; More….

Intraday bias in EUR/CHF stays neutral first with focus on 1.1096 resistance. Decisive break there will extend the whole rebound from 1.0503 to 100% projection of 1.0503 to 1.0915 from 1.0737 at 1.1149. In any case, outlook will stay bullish as long as 1.0915 resistance turned support holds.

In the bigger picture, immediate focus is now on 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076). Sustained break there will argue that whole down trend from 1.2004 (2018 high) has completed at 1.0503. Rise from there is starting an up trend. Further rise should be seen to 61.8% retracement at 1.1431 and above. Though, rejection by 1.1059/76 will remain medium term bearishness first.



Source link

×