Thu, Dec 09, 2021 @ 07:20 GMT

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0730; (P) 1.0759; (R1) 1.0778; More

EUR/CHF is staying in consolidation from 1.0838 with no clear sign of breakout yet. Intraday bias remains neutral and with 1.0712 support intact, further rise is expected. On the upside, above 1.0838 will target 1.0915 resistance first. Break there will resume whole rally from 1.0503. On the downside, break of 1.0712 support will dampen our bullish view. Intraday bias will be turned back to the downside for 1.0602, to extend the corrective pattern from 1.0915 instead.

In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1059/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.

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