EUR/CHF fall from 0.9485 continued last week and hit 0.9193 before recovering. Initial bias is turned neutral this week for some consolidations first. Further decline is expected as long a s0.9285 resistance holds. Below 0.9193 will target 61.8% retracement of 0.8979 to 0.9485 at 0.9172. However, firm break of 0.9285 will turn bias to the upside for stronger rebound.
In the bigger picture, current development suggests that rise from 0.8979 has completed as a three wave corrective move at 0.9485. Medium term bearishness is revived and larger down trend from 0.9928 (2024 high) is likely still in progress. Break of 0.8979 low is in favor at a later stage.
In the long term picture, the failure to sustain above 0.9407 support turned resistance (2022 low), and rejection below 55 M EMA (now at 0.9632) argue that down trend from 1.2004 (2018 high) is still in progress.
