Progression of EUR/CHF’s Consolidation
Trading character of the cross is neutral. The consolidation from 1.1445 is progressing. Another fall is projected if the intact resistance of 1.1639 is present. Following pivot points include: (S1) 1.1515; (P) 1.1550; (R1) 1.1602.
Under 1.1445, the corrective drop from 1.1832 will expand for the cluster support of 1.1355 to 1.1832 at 1.1372. Sustained support from that zone will restrain downside and draw recoil.
According to bearish divergence in daily MACD, 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 1.2000 SNB imposed floor.