Daily Pivots: (S1) 1.0781; (P) 1.0835; (R1) 1.0869; More…
EUR/CHF’s fall from 1.0915 extends today but stays above 1.0744 minor support. Intraday bias remains neutral first and another rise is still in favor after consolidations. On the upside, break of 1.0915 will extend the rally from 1.0503 to 1.1059/76 cluster resistance zone next. However, firm break of 1.0744 will indicate short term topping and bring deeper decline back to 55 day EMA (now at 1.0629).
In the bigger picture, the strong break of 1.0811 key support turned resistance suggests that whole down trend from 1.2004 (2018 high) has completed at 1.0503. Rise from 1.0503 could either be correcting the down trend from 1.2004. Or it could be starting a new up trend. Focus is now on 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076). Decisive break there will pave the way to 61.8% retracement at 1.1431 and above. Though, rejection by 1.1059/76 will revive medium term bearishness.
