EUR/CHF stayed in consolidation above 1.0688 temporary last week and outlook is unchanged. Initial bias remains neutral this week first and further decline is expected with 1.0749 resistance intact. Current decline from 1.0877 is seen as the third leg of the corrective pattern from 1.0915. On the downside, break of 1.0688 will turn bias to the downside for 1.0602 support next. However, on the upside, firm break of 1.0749 will mix up the near term outlook, and turn bias back to the upside for stronger rebound.
In the bigger picture, price actions from 1.0503 are still seen as a consolidation pattern. With 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) intact, the down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1059/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.
