Restoration of EUR/CHF’s Growth
Trading tone of the cross is neutral towards consolidation under the level of 1.1087. The accumulation of support 1.0986 should restrain the downside and cause restoration of growth. Following pivot points include: (S1) 1.1004; (P) 1.1046; (R1) 1.1070.
Breach of 1.1087 will head towards 1.1127/98 key resistance. According to bearish divergence in daily MACD, breach of 1.0986/89 will point out near term topping. If that happens, larger decline should align 55 day EMA at 1.0918 and lower.
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.