Bottom In EUR/CHF
The cross fell to 1.1208 and recent drop is progressing. Bottom hasn’t been formed but larger decline is expected. Following pivot points include: (S1) 1.1187; (P) 1.1250; (R1) 1.1282.
Firm support from 1.1154/98 key support area should retain downside and cause recoil. Breach of 1.1319 minor resistance will confirm near term bottoming and trading will turn up on the upside to 1.1452 resistance. Strong breach of 1.1154/98 will imply bullishness.
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.