Daily Pivots: (S1) 1.0763; (P) 1.0808; (R1) 1.0840; More

EUR/CHF retreated notably after hitting 1.0877 and intraday bias is turned neutral first. Outlook is unchanged that further rise is in favor as long as 1.0721 support holds. Break of 1.0877 will target a test on 1.0915 resistance first. However, break of 1.0721 will suggest completion of the rebound from 1.0602 and turn bias back to the downside.

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In the bigger picture, we’re seeing price actions from 1.0503 as forming a consolidation pattern for the moment. As long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, down 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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