Daily Pivots: (S1) 1.0702; (P) 1.0733; (R1) 1.0781; More…
EUR/CHF’s rally continues to accelerate today and his as high as 1.0798 so far. Intraday bias stays on the upside for 1.0811 support turned resistance next. Firm break there will carry larger bullish implication. Next target will be 1.1059 key cluster resistance. On the downside, below 1.0744 minor support will turn intraday bias neutral and bring consolidations first.
In the bigger picture, focus is now on 1.0811 key support turned resistance. Decisive break there will argue that whole down trend from 1.2004 (2018 high) has completed at 1.0503. Further rally would be seen to 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076 next). Nevertheless, rejection by 1.0811 will retain medium term bearishness for another low below 1.0503 at a later stage.
