EUR/CHF spent last week inside recently established range and outlook is unchanged. Initial bias remains neutral this week first. Consolidation from 1.1445 could extend further. But outlook will remain bearish as long as 1.1639 resistance holds. Break of 1.1445 will resume the corrective fall from 1.1832 and target 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372.) At this point, we’d expect strong support from there to contain downside and bring rebound.
In the bigger picture, a medium term top should be in place at 1.1832 on bearish divergence condition in daily MACD. But there is no indication of long term reversal yet. As long as 1.1198 resistance turned support holds, we’d still expect another rise through prior SNB imposed floor at 1.2000.
 At this point, we'd expect strong support from there to contain downside and bring rebound.){kind=link}