Ending of EUR/CHF’s Retreat

The cross has backed down after defending 1.0907. Trading tone is neutral. The retreat from 1.0986 has ended at 1.0837. Following pivot points include: (S1) 1.0858; (P) 1.0878; (R1) 1.0891.

Over 1.0907 trading will turn up on the upside towards a repeat test of 1.0986/0999 resistance zone. Under 1.0836 the correction will prolong. Firm support from the support zone of 1.0791/0872 should cause a recoil.

Price dynamic from 1.1198 is considered as a correction. Firm recoil should confirm its conclusion after facing 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Choppy breach of 1.0999 resistance will align a test on the maximum of 1.1198.