Daily Pivots: (S1) 1.0591; (P) 1.0621; (R1) 1.0657; More…
EUR/CHF is staying in range below 1.0662 temporary top and intraday bias remains neutral first. Further rise remains in favor as long as 1.0578 minor support holds. Above 1.0662 will turn bias back to the upside for 1.0710 cluster resistance (38.2% retracement of 1.1059 to 1.0503 at 1.0715). Considering bullish convergence condition in daily MACD, sustained break of 1.0710/5 will carry larger bullish implications and target 61.8% retracement at 1.0847 and above. However, break of 1.0578 minor support will turn focus back to 1.0503 low.
In the bigger picture, As long as 1.0811 support turned resistance holds, we’d still expect larger down trend from 1.2004 (2018 high) to extend lower to parity. However, Firm break of 1.0811 should confirm medium term bottoming at 1.0503. Stronger rise should be seen back to 1.1059 resistance and above.
