Reversal in EUR/CHF
Trading tone of the cross is neutral. The consolidation from 1.1445 keeps progressing. If the intact 1.1639 resistance stands, prognosis remains bearish and larger fall is anticipated. Following pivot points include: (S1) 1.1459; (P) 1.1510; (R1) 1.1537.
Breach of 1.1445 will enlarge the corrective decrease from 1.1832 and align the cluster support of 1.1355. Sustained support from that area will restrain downside and lead to 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.