[m.youssif]

EUR/CHF jumped to as high as 1.3169 last week. Initial bias remains on the upside for 1.3023 resistance first. Note that rise from 1.2432 is treated as the third leg of consolidation pattern from 1.2401 and would target 100% projection of 1.2401 to 1.3203 from 1.2432 at 1.3234 or even further to 55 weeks EMA (now at 1.3445). On the downside, below 1.3037 minor support will turn bias neutral and bring consolidations. But break of 1.2736 support is needed to confirm reversal. Otherwise, another rise would remain mildly in favor.

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.

In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. Sustained trading below 1.3 psychological level will send the cross further lower to 138.2% projection of 1.8234 to 1.4391 from 1.6827 at 1.1516.

[m.youssif]

EUR/CHF jumped to as high as 1.3169 last week. Initial bias remains on the upside for 1.3023 resistance first. Note that rise from 1.2432 is treated as the third leg of consolidation pattern from 1.2401 and would target 100% projection of 1.2401 to 1.3203 from 1.2432 at 1.3234 or even further to 55 weeks EMA (now at 1.3445). On the downside, below 1.3037 minor support will turn bias neutral and bring consolidations. But break of 1.2736 support is needed to confirm reversal. Otherwise, another rise would remain mildly in favor.

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.

In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. Sustained trading below 1.3 psychological level will send the cross further lower to 138.2% projection of 1.8234 to 1.4391 from 1.6827 at 1.1516.