Trend Reversal In EUR/CHF Is Awaited
Trading is on the downside for support 1.1478, as the corrective increase from 1.1366 has completed with three waves up to 1.1713. Trading above minor resistance 1.1653 will bring another growth. Pivot points are at: (S1) 1.1593; (P) 1.1612; (R1) 1.1629.
It is forecast, that strong resistance from 61.8% retracement of 1.2004 to 1.1366 at 1.1760 will bring a near term trend reversal. Overcoming of support 1.1478 will renew the whole corrective fall from 1.2004 through low 1.1366.
Correction from 1.2004 is expected to extend for a while before completion. Also, 1.2004 is seen as a medium term top. While another decline cannot be ruled out, downside should be contained by strong support from 61.8% retracement of 1.0629 to 1.2004 at 1.1154.