Daily Pivots: (S1) 1.0581; (P) 1.0607; (R1) 1.0629; More…
EUR/CHF’s rise resumes today by taking out 1.0662 and hits as high as 1.0698 so far. Intraday bias is back on the upside for 1.0710 cluster resistance (38.2% retracement of 1.1059 to 1.0503 at 1.0715). Firms break there will put 1.0811 key resistance in focus. On the downside, break of 1.0589 support is needed to indicate completion of the current rebound. Otherwise, further rally is in favor for the near term, in case of retreats.
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.
