Bearish Forecast In EUR/CHF
Trading is on the downside for retesting low 1.1173, as decline from 1.1501 extends. A near term forecast will remain mildly bearish while resistance 1.1356 keeps. Pivot points are at: (S1) 1.1265; (P) 1.1291; (R1) 1.1321.
The bounce from 1.1173 should have completed. Hitting of resistance 1.1356 will indicate a short term bottoming and turn trading back to the upside for 1.1501.
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.