EUR/CHF Pulled Back
The cross recommenced to 1.1319 but didn’t breach 4 hour 55 EMA and pulled back. Trading remained neutral. Breach of 1.1236 will extend deeper drop from 1.2004 for 1.1154/98 key support area. Sustained support from that place should draw recoil. Following pivot points include: (S1) 1.1265; (P) 1.1293; (R1) 1.1332.
Strong breach of 4 hour 55 EMA will push trading to the upside to 1.1452 resistance. Firm breach of 1.1154/98 will imply bearish sentiment.
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 and the key support of 1.0629 will become the next target.