Bearish Divergence in EUR/CHF
The cross is still restricted inside of 1.1536/1656 diapason. Trading condition is neutral. Another surge is projected towards 61.8% retracement of 1.2004 to 1.1366 at 1.1760 while the whole minor support level of 1.1536 holds. Following pivot points include: (S1) 1.1596; (P) 1.1611; (R1) 1.1637.
The corrective pattern from 1.2004 should resume. 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.