EUR/CHF’s Retreat Is Over
Trading character of the cross is neutral. The consolidation from the near term top of 1.1740 is progressing. Retreat from 1.1832 has concluded at 1.1445. If 1.1630 minor support is present, another surge is awaited. Following pivot points include: (S1) 1.1681; (P) 1.1710; (R1) 1.1739.
Over 1.1740, EUR/CHF will head towards a test of 1.1832 maximum. Firm resistance from that area will cause further drop. Corrective pattern from 1.1832 should align a cluster support of 1.1355 and then it will be finished. Under 1.1630 minor support, the cross will align the minimum of 1.1445.
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.