EUR/CHF’s Long Term Reversal
Trading of the cross stays neutral. The consolidation from 1.1445 is enlarging. If the intact 1.1639 resistance stands, the projection remains bearish and larger fall is awaited. Following pivot points include: (S1) 1.1488; (P) 1.1506; (R1) 1.1521.
Breach of 1.1445 will enlarge the corrective drop from 1.1832 and align the cluster support of 1.1355. Firm support from that area will restrain downside and cause a 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.