EUR/CHF: Bullish Trend Reversal Is Expected
Stance of trading remains neutral. 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) 1.1377; (P) 1.1407; (R1) 1.1449.
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.