Daily Pivots: (S1) 1.0937; (P) 1.0947; (R1) 1.0961; More…
EUR/CHF edges higher with weak momentum. Intraday bias is cautiously on the upside for 1.0986/0999 resistance zone. Break there will extend whole rally from 1.0629 to 61.8% projection of 1.0652 to 1.0986 from 1.0830 at 1.1036. Meanwhile, below 1.0931 minor support will bring more consolidation before staging another rally.
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 1.0830 support holds.
