Daily Pivots: (S1) 1.0846; (P) 1.0867; (R1) 1.0893; More…
Intraday bias in EUR/CHF is neutral for the moment. While the correction might extend lower, downside should be contained by 1.0791/0872 support zone to bring rebound. Break of 1.0908 resistance will argue that the correction is completed. In such case, intraday bias is turned back to the upside for retesting 1.0986/0999 resistance zone.
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Such correction could have 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.
