Daily Pivots: (S1) 1.0755; (P) 1.0787; (R1) 1.0829; More…
EUR/CHF formed at 1.0819 temporary top after breaching 1.0811 key resistance and intraday bias is turned neutral first. Some consolidations could be seen but further rise is in favor as long as 1.0685 support holds. On the upside, sustained break of 1.0811 will carry larger bullish implications. Next target will be 1.1059 key cluster resistance.
In the bigger picture, focus is now on 1.0811 key support turned resistance. Decisive break there will argue that whole down trend from 1.2004 (2018 high) has completed at 1.0503. Further rally would be seen to 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076 next). Nevertheless, rejection by 1.0811 will retain medium term bearishness for another low below 1.0503 at a later stage.
