Restoration of EUR/CHF’s Rally
Breach of 1.1072 points out restoration of recent rally. Trading is on the upside and increase from 1.0629 should prolong to the resistance zone of 1.1127/98. Following pivot points include: (S1) 1.1010; (P) 1.1043; (R1) 1.1096.
Breach of 1.0983 will argue formation of a temporary top and push trading to the downside towards 55 day EMA.
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. Further decline is likely.