EUR/CHF gyrated higher to 0.9347 last week but quickly retreated. Initial bias stays neutral this week first. For now, price actions from 0.9178 short term bottom are tentatively seen as a corrective pattern. On the downside, below 0.9268 will bring retest of 0.9178 low. On the upside, above 0.9347 will bring stronger rebound towards 0.9394 resistance.
In the bigger picture, persistent bullish convergence condition in W MACD is a medium term bullish sign. Firm break of 0.9394 resistance should bring sustained trading above 55 W EMA (now at 0.9360). That should indicate medium term bottoming at 0.9178. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9928 resistance next, even still as a corrective bounce. 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. Outlook will continue to stay bearish as long as falling 55 M EMA (now at 0.9766) holds.
