EUR/CHF Hit Maximum
The cross increased to the maximum of 1.1627. Upside is bounded under the resistance of 1.1656. Trading character 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) 1.1581; (P) 1.1601; (R1) 1.1637.
Sustained 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.