Trend Reversal In EUR/CHF
Break of 1.1265 minor support clouds the bullish sentiment and suggests ending of recoil from 1.1178 at 1.1342. Trading turned up on the downside for the key support of 1.1154/98. Following pivot points include: (S1) 1.1265; (P) 1.1289; (R1) 1.1308.
Firm support from 1.1154/98 will cause recoil. Over 1.1342, a short term trend reversal will be confirmed and 1.1452 resistance will be aligned.
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.