EUR/CHF fell further to 0.9402 last week but recovered after breaching 0.9407 support briefly. Initial bias remains neutral this week for some consolidations first. But further fall is expected as long as 0.9543 resistance holds. Decisive break of 0.9407 will resume larger down trend.
In the bigger picture, medium term outlook remains bearish as long as 0.9683 resistance holds. Firm break of 0.9407 (2022 low) will resume long term down trend. Next target will be 61.8% projection of 1.1149 (2020 high) to 0.9407 from 1.0095 at 0.9018.
In the long term picture, outlook remains bearish as it’s staying well below 55 M EMA (now at 1.0306). Larger down trend from 1.2004 (2018 high) is in progress to break through 0.9407 low.
