EUR/CHF’s fall from 1.1149 re-accelerated last week and hit as low as 1.0807. The break of 1.0915 resistance turned support now argues that it’s at least correcting whole up trend from 1.0505, with possibility of trend reversal. Intraday bias is now on the downside this week for next cluster support zone at 1.0737, (61.8% retracement of 1.0505 to 1.1149 at 1.0751). On the upside, break of 1.0925 resistance turned support is needed to be the first sign of short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, current development argues that rebound from 1.0505 might be completed at 1.1149 already. Rejection by 55 month EMA (now at 1.1077) at least keeps medium term bearishness open. Sustained break of 1.0737 support will argue that the down trend from 2004 (2018 high) is ready to resume through 1.0505 low. Sustained trading below 55 week EMA (now at 1.0879) will affirm this bearish case.
