Daily Pivots: (S1) 1.0570; (P) 1.0601; (R1) 1.0621; More…
Intraday bias in EUR/CHF remains neutral at this point. Further rise remains in favor as long as 1.0578 minor support holds. On the upside, break of 1.0662 will resume the current rebound to 1.0710 cluster resistance (38.2% retracement of 1.1059 to 1.0503 at 1.0715). However, break of 1.0578 minor support will bring retest of 1.0503 low instead.
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.
