EUR/CHF’s rebound from 0.9476 extended to as high as 0.9754 last week and turned sideway since then. Initial bias remains neutral this week first for consolidations. Deeper retreat might be seen but further rise is in favor as long as 0.9639 support holds. Above 0.9754 will target 0.9928 high. Nevertheless, break of 0.9639 will turn bias back to the downside for 0.9476 low instead.
In the bigger picture, rebound from 0.9252 medium term bottom might not be completed yet. But even in case of resumption, strong resistance could emerge from 1.0095 to limit upside. Medium term outlook will be neutral at best as long as 1.0094 structural resistance holds. Meanwhile, break of 0.9476 will bring retest of 0.9252 low.
In the long term picture, fall from 1.2004 (2018 high) is part of the multi-decade down trend. Firm break of 1.0095 resistance is needed to be the first sign of long term bottoming. Otherwise, outlook will remain bearish.
