EUR/CHF Broadly Declined
The cross has broadly declined to the 1.1817 minimum. Correction from 1.2004 is progressing. Trading is on the downside to larger drop. Firm support from 38.2% retracement of 1.1445 to 1.2004 at 1.1790 should bound downside to draw recoil. Following pivot points include: (S1) 1.1819; (P) 1.1883; (R1) 1.1917.
Sustained breach of 1.2004 will point out uptrend restoration. Strong breach of 1.1790 will lead to bigger decrease for 61.8% retracement at 1.1659 and lower.
Long term uptrend is resuming. Trend reversal hasn’t been confirmed yet. While 1.1445 support stands, the uptrend will hit the maximum of 1.2649. Breach of 1.1445 will confirm a medium term trend reversal and the forecast will turn bearish.