EUR/CHF: Bounce Has Resumed
Trading is on the upside for resistance 1.1356, as the bounce from short term bottom 1.1224 resumes after reaching minor resistance 1.1301. Pivot points are at: (S1) 1.1260; (P) 1.1279; (R1) 1.1301.
Further growth to resistance 1.1501 is expected. Hitting of resistance 1.1356 should confirm a near term trend reversal. Trading below minor support 1.1267 will dampen this bullish case and turn focus back to low 1.1224.
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.