Correction in EUR/CHF

Technical Reports

The cross is currently staging a correction from 1.1366. Trading stays neutral. If firmer recommencement occurs, 38.2% retracement of 1.2004 to 1.1366 at 1.1610 would restrict upside and lead to a drop restoration. Following pivot points include: (S1) 1.1531; (P) 1.1548; (R1) 1.1574.

Under the minor support of 1.1462, a repeat test of 1366 will be aligned. Breach will prolong the fall from 1.2004 and head towards the 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 a 1.1198 key cluster level, 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Sustained support from that area should restrain downside and draw recoil.