Daily Pivots: (S1) 1.0807; (P) 1.0838; (R1) 1.0860; More…
A temporary top is in place at 1.0869 and intraday bias in EUR/CHF is turned neutral for the moment. Some consolidations could be seen but downside should be contained by 1.0781 and bring another rise. Above 1.0869 will target 1.0897 resistance next. Break there will confirm trend reversal. Nonetheless, break of 1.0781 will bring deeper fall back towards 1.0652 support instead.
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Current strong rebound is raising the chance that it’s completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0823 resistance will affirm this bullish case. Further break of 1.0999 will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0652 support holds.
