Downside In EUR/CHF
Trading condition of the cross is neutral. Breach of 1.1656 will extend the recoil from 1.1366 for 61.8% retracement of 1.2004 to 1.1366 at 1.1760. Sustained resistance from that area will bound upside. Following pivot points include: (S1) 1.1534; (P) 1.1568; (R1) 1.1605.
The correction from 1.2004 should end in the near term. Under 1.1478, trading will turn up on the downside to 1.1366 and lower.
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.