EUR/CHF’s Impulse Weakened

Technical Reports

Impulse in the cross has weakened after reaching 1.1802. Thus, the short term top around 1.1832 resistance was formed. Trading became neutral. Breach 1.1649 support should confirm ending of the recoil from 1.1445. Following pivot points include: (S1) 1.1727; (P) 1.1746; (R1) 1.1764.

The corrective pattern from 1.1832 should prolong and further fall should head towards repeat test of 1.1445 level. If further lift occurs, firm resistance from 1.1832 would be aligned. Strong breach of 1.1832 will indicate a bigger uptrend restoration.

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.