Daily Pivots: (S1) 1.1015; (P) 1.1029; (R1) 1.1049; More….

EUR/CHF is still extending the consolidation pattern from 1.1149 and intraday bias remains neutral. Deeper fall cannot be ruled out, but we’d expect strong support from 1.0954 to bring rebound, and then rally resumption. On the upside, break of 1.1116 will argue that larger rise from 1.0504 is ready to resume through 1.1149 high.

In the bigger picture, whole down trend from 1.2004 (2018 high) should have 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.



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