Daily Pivots: (S1) 1.0991; (P) 1.1015; (R1) 1.1045; More…
EUR/CHF’s rally resumed after brief consolidation and intraday bias is back on the upside. Current rise is expected to target 1.1127 resistance next. On the downside, break of 1.0983 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
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.
