EUR/CHF’s rebound from 0.8979 short term bottom last week. Initial bias stays on the upside this week for 61.8% retracement of 0.9394 to 0.8979 at 0.9235 Sustained break there will pave the way to 0.9394 key resistance next. On the downside, below 0.9142 minor support will turn intraday bias neutral again first.
In the bigger picture, as long as 55 W EMA (now at 0.9290) holds, the larger down trend from 0.9928 (2024 high) is still expected to continue through 0.8979 at a later stage. However, sustained break of 55 W EMA should confirm medium term bottoming, and bring stronger rise through 0.9394 resistance, even as a corrective move.
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.
