Daily Pivots: (S1) 1.1013; (P) 1.1037; (R1) 1.1074; More…
EUR/CHF’s rise extended to as high as 1.1059 so far and met 61.8% projection of 1.0652 to 1.0986 from 1.0830 at 1.1036. Intraday bias remains on the upside for the moment. Sustained trading above 1.1036 will target 100% projection at 1.1164. On the downside, below 1.1010 minor support will turn bias neutral and bring 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 should target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0830 support holds.
