EUR/CHF Slightly Weakened
The cross slightly softened after touching 4 hour 55 EMA. EUR/CHF closed over the short term minimum of 1.1489. Trading stays neutral. Another consolidation is likely. If further recovery occurs, the minor resistance of 1.1603 should bound upside and cause restoration of decline. Following pivot points include: (S1) 1.1519; (P) 1.1539; (R1) 1.1551.
Corrective recoil from 1.1366 has ended at 1.1713. Breach of 1.1478 support will head towards the minimum of 1.1366 and lower. Breach of 1.1603 will push trading to the upside to 1.1713 resistance.
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.