Development of EUR/CHF’s Uptrend
Decline from 1.1721 was staying over 1.1541 support and then recommenced. Trading became neutral. Sustained breach of 1.1541 will argue top creation and short term prognosis will become bearish towards 1355 key support, according to bearish divergence condition in 4 hour MACD and daily MACD. Following pivot points include: (S1) 1.1602; (P) 1.1642; (R1) 1.1694.
Breach of 1.1721 resistance will extend an uptrend for the key level of 1.2.
A long term growth keeps expanding. EUR/CHF will align 1.2000. If support 1.1355 stands, this prognosis prevails. Breach of 1.1355 will suggest medium term top formation. The cross might hit 55 week EMA and even lower.