Correction in EUR/CHF
Recommencement from 1.1478 is resuming. Still, it’s holding under 1.1656 resistance. Trading tone is neutral. The recoil from 1.1366 will extend for 61.8% retracement of 1.2004 to 1.1366 at 1.1760. Following pivot points include: (S1) 1.1553; (P) 1.1569; (R1) 1.1589.
Firm resistance should bound upside. Breach of 1.1478 will push trading to the downside to 1.1366 and prolong the corrective drop from 1.2004.
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.