EUR/CHF’s rally continued last week and showed sign of upward re-acceleration in both 4H and D MACD. Initial bias stays on the upside, and rise from 0.8979 should target 161.8% projection of 0.8979 to 0.9264 from 0.9094 at 0.9555. On the downside, below 0.9433 minor support will turn bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, rise from 0.8979 medium term bottom is at least reversing the fall from 0.9928 (2024 high), with prospect of developing into a medium term up trend. Further rally should be seen to 0.9660 resistance next. This will now remain the favored case as long as 0.9264 resistance turned support holds.
In the long term picture, the break of 0.9407 support turned resistance (2022 low) suggests that down trend from 1.2004 (2018 high) has completed with five waves down to 0.8979. This is supported by bullish divergence condition in both W and M MACD. Further rise should be seen to 55 M EMA (now at 0.9640). Firm break there will pave the way to 38.2% retracement of 1.2004 to 0.8979 at 1.0135 in the medium term.
