Further Decline In EUR/CHF
Trading of the cross is neutral. Further decline is expected, basing on the price dynamic from 1.1478. Breach of 1.1478 will push trading to the downside to 1.1366. Breach will prolong the corrective drop from 1.2004. Following pivot points include: (S1) 1.1557; (P) 1.1572; (R1) 1.1586.
Over 1.1656, the recoil from 1.1366 will align 61.8% retracement of 1.2004 to 1.1366 at 1.1760. Sustained resistance from that area should 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.