Daily Pivots: (S1) 1.0865; (P) 1.0891; (R1) 1.0921; More….
EUR/CHF’s rally continues today and hits as high as 1.0947 so far today. the break of 1.0915 resistance confirms resumption of larger rebound from 1.0503. Intraday bias stays on the upside for 61.8% projection of 1.0503 to 1.0915 from 1.0737 at 1.0992 next. On the downside, below 1.0874 minor support will turn intraday bias neutral and bring consolidations 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.