Daily Pivots: (S1) 1.0705; (P) 1.0717; (R1) 1.0734; More…
Intraday bias in EUR/CHF remains neutral for some consolidations above 1.0688 temporary low. As noted before, corrective pattern from 1.0915 could have started the third leg. Further decline is expected as long as 1.0749 resistance holds. Break of 1.0688 will target 1.0602 support next. However, on the upside, break of 1.0749 minor resistance will mix up the near term outlook again.
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.
