Daily Pivots: (S1) 1.0907; (P) 1.0942; (R1) 1.0990; More…

Intraday bias in EUR/CHF remains on the upside for 1.0999 resistance first. As noted before, the consolidative pattern from 1.1198 should be completed. Break of 1.0999 will pave the way for a retest on 1.1198 high. On the downside, below 1.0872 minor support will turn bias neutral and bring consolidation. But retreat should be contained by 1.0791 support to bring another rally.

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 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0791 support holds.

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