EUR/CHF fell further to 0.9128 last week but turned sideway since then. Initial bias remains neutral this week first, and more consolidation could be seen. But overall outlook will stay bearish as long as 0.9258 support turned resistance holds. Firm break of 0.9128 will extend the decline from 0.9485 to 0.9094 support. Break there will target a retest on 0.8979 low.
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 0.9618) argue that down trend from 1.2004 (2018 high) is still in progress.
