EUR/CHF's Corrective Pattern
The cross has hit the maximum of 1.1603. The recoil from 1.1445 is resuming. Price behavior from 1.1445 is considered as a corrective pattern. Trading condition is neutral. If 1.1639 resistance stands, short term projection stays bearish. Following pivot points include: (S1) 1.1535; (P) 1.1567; (R1) 1.1626.
Breach of 1.1445 will extend the corrective decline from 1.1832 and align the cluster support of 1.1355. Firm support from that area will restrain downside and cause recoil. Breach of 1.1639 will indicate near term reversal and trading will turn up on the upside towards the maximum of 1.1832.
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.