EUR/CHF's Sustained Rally
Sustained rally as well as breach of 1.1319 minor resistance confirms a temporary bottom formation at 1.1178. The cross hit firm support from 1.1154/98 and began reversing, according to bullish convergence in 4 hour and daily MACD. Trading turned up on the upside. Following pivot points include: (S1) 1.1215; (P) 1.1266; (R1) 1.1354.
Strong breach of 1.1452 resistance will confirm ending of the intact drop from 1.2004. Breach of 1.1265 minor support will align the key support area of 1.1154/98.
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.