EUR/CHF’s Recoil Reached Maximum

Technical Reports

The recoil has hit the 1.1712 maximum. Trading is still on the upside towards repeat test of 1.1832 maximum. Firm resistance from that zone should cause further drop. Following pivot points include: (S1) 1.1655; (P) 1.1683; (R1) 1.1736.

Corrective pattern from 1.1832 should head towards the cluster support of 1.1355 and then it will be finished. Under 1.1566 minor support, EUR/CHF will align the minimum of 1.1455.

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.