The Intact Minor Resistance Level in EUR/CHF

Technical Reports

Trading of the cross stays neutral. While the whole minor resistance of 1.1585 holds, further drop is expected. Following pivot points include: (S1) 1.1521; (P) 1.1543; (R1) 1.1561.

Under 1.1478, EUR/CHF will align 1.1366. Breach will extend the deeper corrective fall from 1.2004. Over 1.1585, the recoil from 1.1366 will prolong through 1.1656. 61.8% retracement of 1.2004 to 1.1366 at 1.1760 will bound upside.

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.