EUR/CHF’s Consolidation Is Extending
Trading stance of the cross is neutral. The consolidation from a near term top of 1.1803 is extending. If further rise occurs, firm resistance from 1.1832 should draw reversal. Following pivot points include: (S1) 1.1736; (P) 1.1750; (R1) 1.1763.
Breach of 1.1649 support will confirm conclusion of recoil from 1.1445. The corrective pattern from 1.1832 should lead to further drop to repeat test of 1.1445 level. Choppy breach of 1.1832 will indicate an 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.