EUR/CHF Stuck On Downside
Trading of the cross stays on the downside. Drop from 1.1713 is extending to 1.1478 support. Breach in that region will argue ending of corrective recoil from 1.1366 at 1.1713. Following pivot points include: (S1) 1.1485; (P) 1.1515; (R1) 1.1532.
EUR/CHF will align a repeat test of 1.1366 minimum. Breach of 1.1603 resistance should confirm conclusion of decline from 1.1713. Even if the cross recovers, short term prognosis will remain bearish.
A medium term top has been formed at 1.2004, basing on a bearish divergence condition in daily MACD. The corrective pattern from 1.2004 should resume. Further drop is much likely. Firm support should occur at 1.1198 and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 will restrain downside.