EUR/CHF's Short Term Minimum
Trading of the cross is now neutral to consolidation over the short term minimum of 1.1770. Larger decline is possible if the whole support turned resistance of 1864 is present. Following pivot points include: (S1) 1.1775; (P) 1.1818; (R1) 1.1866.
Breach of 1.1770 will align 61.8% retracement of 1.1445 to 1.2004 at 1.1659 and lower. Breach of 1.1864 will suggest a temporary bottom formation 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.