EUR/CHF edged higher to 1.0877 last week but quickly retreated. Initial bias stays neutral this week first and overall outlook is unchanged. Further rise is expected and break of 1.0877 will target 1.0915 resistance first. Break there will resume the whole rise from 1.0503. However, break of 1.0721 will suggest completion of the rebound from 1.0602. In that case, intraday bias will be turned back to the downside for this 1.0602 support.
In the bigger picture, price actions from 1.0503 are still seen as a consolidation pattern. With 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) intact, the 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.
