Upside of EUR/CHF's Recovery
The drop is touching 1.1401 minimum. Trading remains on the downside to the minimum of 1.1366. Breach in that zone will extend the intact decline from 1.2004 and align 61.8% projection of 1.2004 to 1.1366 from 1.1713 at 1.1319. Following pivot points include: (S1) 1.1425; (P) 1.1481; (R1) 1.1512.
Over the minor resistance of 1.1460, trading will become neutral, causing consolidation. Upside of recovery should be bounded under 1.1556 resistance, which would draw restoration of the fall.
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.