EUR/CHF: Trend Reversal Is Awaited
Trading is neutral, as the cross retreated after reaching 1.1427. Hitting of 1.1280 will point out completion of the recovery from 1.1178 and bring retest of support zone 1.1154/98. Pivot points are at: (S1) 1.1315; (P) 1.1359; (R1) 1.1404.
Break of resistance 1.1452 should confirm the case of bullish trend reversal after strong support from 1.1154/98 zone. In that case, the forecast will be turned bullish for resistance 1.1713.
Price moves from a medium term top 1.2004 are corrective. A break of key resistance 1.2 is still expected in the medium term long term. Downside should be contained by support zone of 1.1198 and 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Overcoming of support zone 1.1198 will point out a long term trend reversal. In that case, 1.0629 key support will be back into focus.