EUR/CHF’s Recoil is Progressing

Technical Reports

The recoil from 1.0830 is progressing. The breach of 1.0908 resistance confirms that the corrective retreat from 1.0986 has finished at 1.0830. Trading is on the upside towards a repeat test of 1.0986/0999 resistance zone. Following pivot points include: (S1) 1.0890; (P) 1.0908; (R1) 1.0934.

Under 1.0880 minor support the bullish mood will be cancelled and trading will turn up in the neutral position. If further decline occurs, the support zone of 1.0791/0872 will fill the downside and draw 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.