EUR/CHF: Bounce Is In Progress
Trading is on the upside, as bounce from short term bottom 1.1224 should aline resistance 1.1356. Overcoming of minor resistance 1.1277 indicates a short term bottoming at 1.1224. Pivot points are at: (S1) 1.1269; (P) 1.1286; (R1) 1.1306.
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.