EUR/CHF rebound from 0.9122 extended higher last week and breached 0.9258 cluster resistance (38.2% retracement of 0.9485 to 0.9122 at 0.9261). Initial bias remains neutral this week first. On the downside, break of 0.9183 will indicate the the rebound has completed, and bring retest of 0.9122 low. Nevertheless, sustained trading above 0.9258 will target 61.8% retracement at 0.9346.
In the bigger picture, current development suggests that rise from 0.8979 has completed as a three wave corrective move at 0.9485. Medium term bearishness is revived and larger down trend from 0.9928 (2024 high) is likely still in progress. Break of 0.8979 low is in favor at a later stage.
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 0.9618) argue that down trend from 1.2004 (2018 high) is still in progress.
. Initial bias remains neutral this week first. On the downside, break of 0.9183 will indicate the the rebound has completed, and bring retest of 0.9122 low. Nevertheless, sustained trading above 0.9258 will target 61.8% retracement at 0.9346.){kind=link}