EUR/CHF edged higher to 0.9478 last week but lost momentum again. Initial bias turned neutral this week first. Considering bearish divergence condition in 4H MACD, a short term top could be formed. Break of 0.9420 support will confirm and bring deeper fall to near term channel floor (now at 0.9387) first. Nevertheless, above 0.9478 will extend the larger rise from 0.8979 should target 161.8% projection of 0.8979 to 0.9264 from 0.9094 at 0.9555.
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 0.9632). Firm break there will pave the way to 38.2% retracement of 1.2004 to 0.8979 at 1.0135 in the medium term.
 first. Nevertheless, above 0.9478 will extend the larger rise from 0.8979 should target 161.8% projection of 0.8979 to 0.9264 from 0.9094 at 0.9555.){kind=link}