Daily Pivots: (S1) 1.0788; (P) 1.0804; (R1) 1.0817; More….

EUR/CHF is losing some downside momentum but further fall is expected with 1.0830 minor resistance intact. Deeper decline could be seen to 1.0735 support. Break there will extend the sideway pattern from 1.0915 with another falling leg, towards 1.0661 support. On the upside, though, break of 1.8920 resistance will target 1.0915 instead.

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