EUR/CHF dipped to 1.1540 last week but formed a temporary low there and recovered. Initial bias stays neutral this week for more consolidations. Upside is expected to limited be limited by 1.1684 resistance to bring fall resumption. As noted before, the decline from 1.1832 is correcting medium term rise from 1.0629. Below 1.1540 will target 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372.)
In the bigger picture, a medium term top should be in place at 1.1832 on bearish divergence condition in daily MACD. But there is no indication of long term reversal yet. As long as 1.1198 resistance turned support holds, we’d still expect another rise through prior SNB imposed floor at 1.2000.
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