Daily Pivots: (S1) 1.0726; (P) 1.0743; (R1) 1.0765; More

EUR/CHF is still gyrating lower but downside momentum is very week as seen in 4 hour MACD. Intraday bias remains neutral first. On the downside, firm break of 1.0712 support will suggest completion of rebound from 1.0602. Intraday bias will be turned back to the downside for retesting this week. On the upside, though, break of 1.0849 will resume the rise towards 1.0915 resistance.

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In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, 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.

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