EUR/CHF’s fall from 0.9485 resumed by breaking through 0.9258 support last week. Initial bias is now on the downside this week for 61.8% retracement of 0.8979 to 0.9485 at 0.9172. On the upside, above 0.9288 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.9367 resistance holds, in case of recovery.
In the bigger picture, immediate focus is now on 0.9264 resistance turned support Sustained break there will argue that rise from 0.8979 might have complete as a three wave corrective move at 0.9485. That will revive medium term bearishness that larger down trend from 0.9928 (2024 high) is still incomplete. Retest of 0.8979 low should be seen next.
In the long term picture, the failure to sustain above 0.9407 support turned resistance (2022 low), and rejection below 55 M EMA (now at 0.9632) argue that down trend from 1.2004 (2018 high) is still in progress.
