Bullish Trend Reversal In EUR/CHF
Breach of 1.1363 minor support confirms that recoil from 1.1242 has finished at 1.1452, while getting closer to the support turned resistance of 1.1489. Trading turned up on the downside to repeat test of 1.1242 minimum. Following pivot points include: (S1) 1.1327; (P) 1.1379; (R1) 1.1415.
Breach will head towards a test of key support area at 1.1154/98. Over 1.1452, the recoil from 1.1242 will extend. Another breach of 1.1489 will suggest bullish trend reversal.
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.