EUR/CHF fell further to 0.9265 last week but lost momentum again and recovered. Initial bias is turned neutral this week first. Price actions from 0.9445 could still be considered a corrective pattern. On the upside, above 0.9361 resistance will target 0.9428 resistance first. However, below 0.9265 will bring another fall back to retest 0.9218 low.
In the bigger picture, the down trend from 0.9204 (2018 high) might still be in progress considering that EUR/CHF is staying well inside the long term falling channel. However, with bullish convergence condition in W MACD, downside position should be limited in case of another fall. Instead, firm break of 0.9660 resistance will be an important sign of medium term bullish trend reversal.
In the long term picture, overall long term down trend is still in progress in EUR/CHF. Outlook will continue to stay bearish as long as 55 M EMA (now at 0.9855) holds.
