EUR/CHF edged lower to 0.8979 last week but quickly recovered. Initial bias remains neutral this week for some more consolidations first. But risk will stay on the downside as long as 0.9092 support turned resistance holds. On the downside, firm break of 0.8979 will resume larger down trend to 100% projection of 0.9347 to 0.9092 from 0.9149 at 0.8894.
In the bigger picture, down trend from 0.9928 (2024 high) is still in progress. Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Outlook will stay bearish as long as 0.9394 resistance holds, in case of rebound.
In the long term picture, EUR/CHF is holding well inside long term falling trend channel. Down trend from 1.2004 (2018 high) is still in progress. Outlook will continue to stay bearish as long as falling 55 M EMA (now at 0.9711) holds.
