Daily Pivots: (S1) 1.0599; (P) 1.0648; (R1) 1.0708; More

EUR/CHF’s rally is still in progress and intraday bias remains on the upside for 1.0710 cluster resistance (38.2% retracement of 1.1059 to 1.0503 at 1.0715). Break will extend the rally to 1.0811 key resistance next. However, on the downside, break of 1.0578 minor support will bring retest of 1.0503 low instead.

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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.

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