Expansion of EUR/CHF’s Correction
Trading tone of the cross is neutral. Breach of 1.0837 support will expand the correction from 1.0986 and push trading to the downside. If that happens, firm support from a support zone of 1.0791/0872 should draw a recoil. Following pivot points include: (S1) 1.0846; (P) 1.0855; (R1) 1.0867.
Breach of 1.0908 resistance will indicate ending of correction and move trading to the upside towards a repeat test of 1.0987/0999 resistance zone.
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.