EUR/CHF Formed A Near Term Top
The cross formed a short term top at 1.1452 as 4 hour MACD edged under the signal level. Trading is now neutral. While the minor support of 1.1363 is present, another increase is possible. Following pivot points include: (S1) 1.1406; (P) 1.1431; (R1) 1.1444.
Over 1.1452, the recoil from the temporary bottom of 1.1242 will reach the support turned resistance of 1.1489. Sustained breach in that area will suggest trend reversal before key support zone between 1.1154/98. Under the minor support of 1.1329, trading will turn up on the downside to repeat test of 1.1242 minimum.
A medium term top of 1.2004 is viewed as correction. A support area of 1.1154/98 should retain downside. Breach of 1.2 key resistance is projected. The cluster level of 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154 should draw recoil. Breach of the key resistance of 1.2 should occur in the medium- to long term. Decisive breach of 1.1154/98 will confirm a long term trend reversal.