Daily Pivots: (S1) 1.0676; (P) 1.0702; (R1) 1.0720; More…
EUR/CHF is staying in consolidation from 1.0661 and intraday bias remains neutral first. As long as 1.0747 resistance holds, further decline is expected. Fall from 1.0877 is seen as the third leg of the pattern from 1.0915. Break of 1.0661 will target 1.0602 support next. However, firm break of 1.0747 should confirm short term bottoming, on bullish convergence condition in 4 hour MACD, and turn intraday bias back to the upside for rebound.
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.
