EUR/CHF’s Weakened Upside Impulse
Upside impulse of the cross has weakened after reaching 1.1740 level. Another surge towards repeat test of the 1.1832 maximum is expected, if the whole minor support of 1.1630 holds. Firm resistance from that area will draw further decline. Following pivot points include: (S1) 1.1681; (P) 1.1710; (R1) 1.1739.
Corrective pattern from 1.1832 should head towards the cluster support of 1.1355 and then it will be finished. Under 1.1630 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.