Daily Pivots: (S1) 1.0738; (P) 1.0769; (R1) 1.0798; More…
Range trading continues in EUR/CHF and intraday bias remains neutral. With 1.0721 support intact, further rise remains in favor. On the upside, break of 1.0877 will resume the rebound form 1.0602 and target 1.0915 high. On the downside, break of 1.0721 will argue that the rebound from 1.0602 has completed and turn bias back to the downside for retesting this support.
In the bigger picture, price actions from 1.0503 are still seen as a consolidation pattern. With 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) intact, the 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.
