EUR/CHF's Retreat

Technical Reports

Trading of the cross is slightly on the upside to another recoil. Retreat from 1.2004 might have finished at 1.1366. Another increase should align 61.8% retracement at 1.1760 and higher. Following pivot points include: (S1) 1.1550; (P) 1.1595; (R1) 1.1664.

Breach of 1.1505 support will indicate conclusion of the recoil. Another rally is possible of EUR/CHF backs down.

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.