EUR/CHF Weekly Outlook

EUR/CHF’s break of 1.0523 support last week suggests larger down trend resumption. Initial bias stays on the downside this week. Next downside target is 100% projection of 1.1476 to 1.0811 from 1.1059 at 1.0394. On the upside, above 1.0551 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.0653 resistance to bring fall resumption.

In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress for parity next. In any case, outlook will remain bearish as long as 1.0653 resistance holds. However, considering bullish convergence condition in daily MACD, firm break of 1.0653 resistance will indicate medium term bottoming. Strong rebound would then be seen back to 1.0811/1059 resistance zone.

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