Topping Sign in EUR/CHF
The cross lacks impulse after meeting 1.1639. Trading is now neutral. Recoil from 1.1366 should resume if the whole minor support of 1.1505 holds. Over 1.1639, EUR/CHF will head towards 61.8% retracement of 1.2004 to 1.1366 at 1.1760. And above that area, a topping sign could be seen. Following pivot points include: (S1) 1.1538; (P) 1.1588; (R1) 1.1616.
Breach of 1.1505 will indicate conclusion of the recoil. In that case, trading will turn up on the downside to repeat test of 1.1366.
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.