EUR/CHF’s strong rebound last week indicates short term bottoming at 0.9178. Still, with 0.9325 resistance intact, outlook remains bearish and another fall is still in favor. On the downside, below 0.9254 minor support will bring retest 0.9178 support. However, considering bullish convergence condition in D MACD, decisive break of 0.9325 will argue that whole fall from 0.9660 has completed. Strong rally should then be seen towards 0.9452 resistance.
In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9377). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Break of 0.9452 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.
In the long term picture, overall long term down trend is still in progress in EUR/CHF. Outlook will continue to stay bearish as long as falling 55 M EMA (now at 0.9800) holds.
