EUR/CHF's Recoil is Progressing
The recoil from 1.1366 is progressing. Another lift is projected. Sustained resistance from 38.2% retracement of 1.2004 to 1.1366 at 1.1610 should lead to further drop. Following pivot points include: (S1) 1.1450; (P) 1.1508; (R1) 1.1597.
Under 1.1366, the decrease from 1.2004 will extend and align a key support area between 1.1154 and 1.1198.
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 a 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. Firm breach of 1.1445 will align key cluster level of 1.1198 and 61.8% retracement of 1.0629 to 1.2004 at 1.1154.