Daily Pivots: (S1) 1.1462; (P) 1.1490; (R1) 1.1521; More…
EUR/CHF turned sideway after meeting 200% projection of 1.0652 to 1.0986 from 1.0830 at 1.1498. But there is no clear sign of topping yet. Further rise is expected as long as 1.1385 minor support holds. Sustained trading above 1.1498 will target 261.8% projection at 1.1704 next. Nonetheless, considering bearish divergence condition in 4 hour MACD, break of 11385 support will indicate short term topping and bring lengthier consolidation first.
In the bigger picture, sustained break of 1.1198 key resistance confirms resumption of the long term rise from SNB spike low back in 2015. In this case, EUR/CHF would eventually head back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1087 resistance turned support holds.
