[m.youssif]

EUR/CHF's rally extends further today and at this point, intraday bias remains on the upside with 1.2736 minor support intact. As discussed before, consolidations from 1.2401 is still in progress with rise from 1.2432 as the third leg. Current rebound should extend to 1.3038 resistance and then 1.3203. On the downside, though, below 1.2376 minor support will indicate that rebound from 1.2432 has completed and should flip bias back to the downside for 1.2401 low instead.

In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.

[m.youssif]

EUR/CHF's rally extends further today and at this point, intraday bias remains on the upside with 1.2736 minor support intact. As discussed before, consolidations from 1.2401 is still in progress with rise from 1.2432 as the third leg. Current rebound should extend to 1.3038 resistance and then 1.3203. On the downside, though, below 1.2376 minor support will indicate that rebound from 1.2432 has completed and should flip bias back to the downside for 1.2401 low instead.

In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.