Daily Pivots: (S1) 1.0748; (P) 1.0774; (R1) 1.0787; More….
EUR/CHF’s break of 1.0790 support dampens our bullish view. It suggests that rise from 1.0661 has completed at 1.0871. Fall from there is extending the consolidation pattern form 1.0915 with another falling leg. Intraday bias is back on the downside for 1.0661 support next. On the upside, above 1.0799 minor resistance will turn intraday bias neutral first.
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.
