EUR/CHF’s Bounding Diapason
Trading tone of the cross is neutral. EUR/CHF is staying inside of bounding diapason under 1.1736. Topping is likely, considering bearish divergence condition in 4 hour MACD. Following pivot points include: (S1) 1.1673; (P) 1.1696; (R1) 1.1738.
Sustained breach of 1.1597 support will indicate trend reversal and make prognosis bearish till 38.2% retracement of 1.0629 to 1.1736 at 1.1313. Firm breach of 1.1736 will extend medium term uptrend from 1.0629.
Soon, a medium term top will be formed. A long term growth keeps expanding. EUR/CHF will align 1.2000. If resistance turned support of 1.1198 stands, this prognosis prevails. If the cross hits 1.1198, the forecast will be changed.