EUR/CHF’s uptrend resumed last week and edged higher to 1.1721 but retreated since then. Initial bias is neutral this week for consolidation first. Another rise will be in favor as long as 1.1638 minor support holds. Above 1.1721 will turn bias back to the upside for 1.2 key level. However, below 1.1638 will turn bias to the downside for 1.1541 support.
In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1355 support holds. However, break of 1.1355 will indicate medium term topping. In that case, EUR/CHF should head back to 55 week EMA (now at 1.1116) and possibly below.
