Daily Pivots: (S1) 1.0714; (P) 1.0731; (R1) 1.0750; More…
EUR/CHF’s break of 1.0797 resistance suggests resumption of rise from 1.0602. Intraday bias is back on the upside for 1.0915 resistance. Break there will resume whole rally from 1.0503 and target 100% projection of 1.0503 to 1.0915 from 1.0602 at 1.1014 next. On the downside, break of 1.0712 support is needed to signal completion of the rise. Otherwise, further rise will remain in favor as in case of retreat.
In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1059/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.
