Progression of EUR/CHF’s Recoil

Technical Reports

Another growth is projected due to progression of recoil from 1.1445. Choppy resistance from 1.1832 should draw short term reversal. Under 1.1730, trading will turn up on the downside. Following pivot points include: (S1) 1.1773; (P) 1.1789; (R1) 1.1806.

Another breach of 1.1649 support will suggest that recoil from 1.1445 is finished. 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.