Daily Pivots: (S1) 1.0719; (P) 1.0735; (R1) 1.0744; More

EUR/CHF’s breach of 1.0721 support how suggests that choppy rise from 1.0602 might have completed at 1.0877 already. Corrective pattern from 1.0915 could have started the third leg. Intraday bias is now on the downside. Sustained trading below 1.0721 will target 1.0602 support next. Though, on the upside, break of 1.0749 minor resistance will dampen this bearish case and turn intraday bias neutral again.

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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.

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