EUR/CHF’s rebound from 0.9252 resumed by breaking through 0.9471 resistance last week. But as a temporary top was formed at 0.9510, initial bias remains neutral this week for more consolidations. Downside of retreat should be contained by 0.9413 minor support to bring another rally. On the upside, break of 0.9510 target 0.9574 fibonacci level next.
In the bigger picture, price actions from 0.9252 are tentatively seen as a correction to the five-wave down trend from 1.0095 (2023 high). Further rise would be seen to 38.2% retracement of 1.0095 to 0.9252 at 0.9574 and possibly above. But overall medium term outlook will remain bearish as long as 0.9683 resistance holds.
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.
