EUR/CHF edged higher to 0.9452 last week but failed to sustained above 0.9445 resistance and retreated. Nevertheless, with a temporary low formed at 0.9359, initial bias stays neutral this week first. On the upside, above 0.9400 will bring retest of 0.9452. Firm break there will rebound whole rebound from 0.9218. On the downside, however, sustained trading below 55 D EMA (now at 0.9366) will argue that the rebound from 0.9128 has completed as a corrective move. Deeper fall would then be seen to 0.9265 support for confirmation.
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 potential 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 0.9860) holds.
 will argue that the rebound from 0.9128 has completed as a corrective move. Deeper fall would then be seen to 0.9265 support for confirmation.){kind=link}