EUR/CHF gyrated lower last week and as fall from 0.9394 short term extended. Further decline is in favor this week. Sustained trading below 55 D EMA (now at 0.9317) will argue that rebound from 0.9178 has already completed. Deeper fall should then be seen back to retest this low. On the upside, however, break of 0.9366 resistance will resume the rebound through 0.9394 to 0.9452 structural resistance.
In the bigger picture, EUR/CHF has breached long term falling channel resistance as the rebound from 0.9278 extends. Considering bullish convergence condition in W MACD, sustained trading above 55 W EMA (now at 0.9317) will indicate medium term bottoming at 0.9178, and suggests that it’s already in larger scale rebound. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9928 resistance next. Nevertheless, rejection by 55 W EMA will retain bearishness for another fall through 0.9178 at a later stage.
In the long term picture, overall long term down trend from 1.2004 (2018 high) is still in progress in EUR/CHF. Outlook will continue to stay bearish as long as falling 55 M EMA (now at 0.9785) holds.
 will argue that rebound from 0.9178 has already completed. Deeper fall should then be seen back to retest this low. On the upside, however, break of 0.9366 resistance will resume the rebound through 0.9394 to 0.9452 structural resistance.){kind=link}