EUR/CHF stayed in range of 1.0184/0400 last week and outlook is unchanged. Initial bias remains neutral first and more sideway trading could be seen. On the upside, break of 1.0400 will resume the rebound from 0.9977 to 1.0610 key structural resistance next. On the downside, however, break of 1.0184 will turn bias back to the downside for retesting 0.9970 low.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. In any case, sustained break of 1.0505 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.
In the long term picture, capped below 55 month EMA, EUR/CHF is seen as extending the multi-decade down trend. There is no prospect of a bullish reversal until some sustained trading above the 55 month EMA (now at 1.0891).
