EUR/CHF's Corrective Trading
The cross is holding inside of corrective trading in 1.1478/1656 diapason. Trading condition 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. Following pivot points include: (S1) 1.1537; (P) 1.1561; (R1) 1.1588.
Firm resistance should restrict upside. The correction from 1.2004 should end. 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.