EUR/CHF's Downside

Technical Reports

Trading character of the cross is neutral. Another increase should align 61.8% retracement of 1.2004 to 1.1366 at 1.1760 while the entire minor support of 1.1536. The corrective pattern from 1.2004 should prolong. Following pivot points include: (S1) 1.1570; (P) 1.1599; (R1) 1.1618.

Sign of reversal might be seen over 1.1760. Breach of 1.1505 will indicate conclusion of 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.