EUR/CHF Under Near Term Top

Technical Reports

The cross is holding inside of consolidation under the short term top of 1.1740. Trading state is neutral. Retreat from 1.1832 has finished at 1.1445. If 1.1630 minor support holds, another increase is likely. Over 1.1740, EUR/CHF will head towards a test of 1.1832 maximum. Following pivot points include: (S1) 1.1668; (P) 1.1692; (R1) 1.1710.

Sustained resistance should cause further decline. 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.