EUR/CHF's Retreat

Technical Reports

Break of 1.1585 minor resistance confirms that retreat from 1.1656 has ended at 1.1478. Trading of the cross is slightly on the upside to 1.1656 and higher. Following pivot points include: (S1) 1.1515; (P) 1.1540; (R1) 1.1568.

61.8% retracement of 1.2004 to 1.1366 at 1.1760 should bound upside and finish the corrective recoil from 1.1366. Under 1.1478, EUR/CHF will align the minimum 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.