EUR/CHF’s Minor Resistance

The cross has broken minor resistance of 1.1487, but it didn’t manage to close above that area. Trading character is neutral. Sustained breach of 1.1487 minor resistance will prove that the retreat has ended and case a repeat test of 1.1622 level. Following pivot points include: (S1) 1.1439; (P) 1.1467; (R1) 1.1483.

Under 1.1387, the correction from 1.1622 will align the accumulation of support 1.1257. Firm support will restrain downside and cause recoil.

In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1198 resistance turned support holds.