While EUR/CHF’s recovery from 0.9476 extended higher last week, outlook stays bearish with 0.9683 resistance intact. Initial bias remains neutral this week first. On the downside, below 0.9560 minor support will suggest that the rebound has completed and bring retest of 0.9476. Further break there and and sustained trading below 61.8% retracement of 0.9252 to 0.9928 at 0.9510 will extend the fall from 0.9928 to retest 0.9252 low.
In the bigger picture, rebound from 0.9252 should have completed at 0.9228. Medium term outlook remains bearish with 1.0095 resistance intact. Firm break of 0.9252 will resume the down trend from 1.2004 (2018 high).
In the long term picture, fall from 1.2004 (2018 high) is part of the multi-decade down trend. Firm break of 1.0095 resistance is needed to be the first sign of long term bottoming. Otherwise, outlook will remain bearish.
