Downside Impulse In EUR/CHF
A downside impulse in the cross has weakened but trading remained on the downside to 1.1478 support. The corrective recoil from 1.1366 should have concluded at 1.1713. Breach of 1.1478 will indicate bearishness and align 1.1366 minimum and lower. Following pivot points include: (S1) 1.1552; (P) 1.1581; (R1) 1.1597.
Over the minor resistance of 1.1637, trading will turn up on the upside and the lift from 1.1366 will extend. Firm resistance from 61.8% retracement of 1.2004 to 1.1366 at 1.1760 should lead to a short term reversal.
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.