EUR/CHF's Stable Trading
The cross is recovering after meeting 38.2% retracement of 1.1445 to 1.2004 at 1.1790. Larger drop is projected if the whole support turned resistance of 1.1864 holds. Stable trading under 1.1790 will align 61.8% retracement at 1.1659 and lower. Following pivot points include: (S1) 1.1775; (P) 1.1818; (R1) 1.1866.
Breach of 1.1864 will point out temporary bottoming and trading will turn up on the upside to firmer recoil.
There has been a strong rejection from prior SNB imposed floor of 1.2000. A medium term top could be formed at 1.2004, basing on the bearish divergence condition in daily MACD. Price dynamic from 1.2004 is seen as correction for the uptrend from 1.0629. Larger decline should align 1.1445 near 38.2% retracement of 1.0629 to 1.2004 at 1.1479. Sustained support from that spot should cause recoil and prolong the medium term corrective pattern.