Daily Pivots: (S1) 1.1068; (P) 1.1084; (R1) 1.1113; More….
EUR/CHF’s break of 1.1096 confirms resumption of whole rebound form 1.0503. Intraday bias is back on the upside for 100% projection of 1.0503 to 1.0915 from 1.0737 at 1.1149. Decisive there will pave the way to 161.8% projection at 1.1404. On the downside, break of 1.0954 support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in case of retreat.
In the bigger picture, the firm break of 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) suggests that whole down trend from 1.2004 (2018 high) has completed at 1.0503. Rise from 1.0503 is now seen as a medium term up trend itself. Further rise should be seen to 61.8% retracement at 1.1431 and above. This will now remain the favored case as long as 1.0915 resistance turned support holds.
