Daily Pivots: (S1) 1.0522; (P) 1.0592; (R1) 1.0674; More…
EUR/CHF’s strong rebound and break of 1.0611 resistance completed a double bottom pattern (1.0503, 1.0504). Intraday bias is now back on the upside for stronger rebound to 1.0710 cluster resistance (38.2% retracement of 1.1059 to 1.0503 at 1.0715). Considering bullish convergence condition in daily MACD, sustained break of 1.0710/5 will carry larger bullish implications and target 61.8% retracement at 1.0847 and above. For now, risk will stay mildly on the upside as long as 1.0503 holds, in case of retreat.
In the bigger picture, As long as 1.0811 support turned resistance holds, we’d still expect larger down trend from 1.2004 (2018 high) to extend lower to parity. However, Firm break of 1.0811 should confirm medium term bottoming at 1.0503. Stronger rise should be seen back to 1.1059 resistance and above.
