EUR/CHF turned into consolidation last week but recovery was limited comfortably below 1.0747 resistance. Initial bias remains neutral this week and outlook stays bearish. Fall from 1.0877 is seen as the third leg of the pattern from 1.0915. On the downside, break of 1.0661 will target 1.0602 support next. On the upside, though, break of 1.0747 resistance will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned 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.
