Fall Resumption In EUR/CHF
Trading is on the downside for support 1.1478, as drop from 1.1713 resumes. Pivot points are at: (S1) 1.1552; (P) 1.1596; (R1) 1.1619.
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. Corrective recoil from 1.1366 has completed with three waves up to 1.1713. Trading above minor resistance 1.1637 will back to the upside. The growth from 1.1366 could extend.
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.