Short Term Bottoming In EUR/CHF
Trading is on the upside for resistance 1.1356, as break of minor resistance 1.1277 indicates a short term bottoming at 1.1224. Pivot points are at: (S1) 1.1253; (P) 1.1276; (R1) 1.1316.
It is forecast, that strong support inside key support zone 1.1154/98 will bring trend reversal. Trading below 1.1224 will extend the fall to low 1.1173. Hitting of resistance 1.1356 will indicate a near term trend reversal.
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.