Temporary Bottom In EUR/CHF
Trading of the cross is neutral. Breach of 1.1599 minor support will indicate ending of an intact recoil from 1.1478. In that case, trading will turn up on the downside to 1.1478 and to test of 1.1366 temporary bottom. Following pivot points include: (S1) 1.1634; (P) 1.1648; (R1) 1.1664.
Sustained breach of 1.1656 will extend the corrective increase from 1.1366 for 61.8% retracement of 1.2004 to 1.1366 at 1.1760. Firm resistance from that spot will 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.