EUR/CHF surged to as high as 1.0725 last week but formed a temporary top there and retreated. Initial bias is turned neutral this week first. On the upside, sustained break of 1.0710 cluster resistance (38.2% retracement of 1.1059 to 1.0503 at 1.0715) will extend the rally to 1.0811 key resistance next. However, on the downside, break of 1.0578 minor support will bring retest of 1.0503 low instead.
In the bigger picture, the down trend from 1.2004 (2018 high) remains intact despite the current rebound. As long as 1.0811 support turned resistance holds, outlook stays bearish for another decline through 1.0503 low. However, firm break of 1.0811 should confirm medium term bottoming at 1.0503. Stronger rise should be seen back to 1.1059 resistance and above.
