Daily Pivots: (S1) 1.0846; (P) 1.0855; (R1) 1.0867; More…
Intraday bias in EUR/CHF remains neutral for the moment. On the downside, break of 1.0837 support will resume the correction from 1.0986 and turn bias to the downside. In that case, we’d continue to expect strong support from 1.0791/0872 support zone to bring rebound. On the upside, break of 1.0908 resistance will argue that such correction is completed and turn bias to the upside for retesting 1.0987/0999 resistance zone.
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Such correction could have completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0791 support holds.
