EUR/CHF’s Temporary Bottom
Decrease from 1.1832 expanded and hit the minimum of 1.1507. Trading of the cross is on the downside. The fall from 1.1832 is a correction for medium term increase from 1.0629. Following pivot points include: (S1) 1.1472; (P) 1.1555; (R1) 1.1603.
EUR/CHF should align a cluster support of 1.1355. Breach of 1.1639 resistance will point out temporary bottoming. If the cross recommences, forecast stays bearish.
A medium term top should be formed at 1.1832. Long term reversal hasn’t been confirmed yet. If resistance turned support of 1.1198 stands, further increase should surpass SNB imposed floor of 1.2000.