EUR/CHF In Limited Diapason
The cross is holding inside of limited diapason over 1.1478. Trading character is neutral. While the whole minor resistance of 1.1585 holds, further drop is expected. Following pivot points include: (S1) 1.1500; (P) 1.1529; (R1) 1.1550.
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.