EUR/CHF’s consolidation pattern from 1.1149 continued last week with another fall. But overall outlook remains unchanged. Initial bias stays neutral this week first. We’d expect strong support from 1.0954 to bring rebound, and then rally resumption. On the upside, firm break of 1.1149 will resume larger rise from 1.0504.
In the bigger picture, whole down trend from 1.2004 (2018 high) should have completed at 1.0503. Rise from there is starting a medium term up trend. Next target is 61.8% retracement of 1.2004 to 1.0503 at 1.1431 and above. This will now remain the favored case as long as 1.0915 resistance turned support holds.
