Correction In EUR/CHF Should Be Over
Trading of the cross stays neutral. Upside was bounded under 1.1656 resistance. Breach of 1.1656 will extend the corrective lift from a near term bottom of 1.1366. EUR/CHF should head towards 61.8% retracement of 1.2004 to 1.1366 at 1.1760. Following pivot points include: (S1) 1.1603; (P) 1.1621; (R1) 1.1644.
Sustained resistance should bound upside. The correction from 1.2004 should end. 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.