[m.youssif]

EUR/CHF edge further higher to 1.3234 and touches 100% projection of 1.2401 to 1.3203 from 1.2432 at 1.3234. Intraday bias remains on the upside as long as 1.3038 minor support holds. Rise from 1.2432 is treated as the third leg of the consolidation pattern from 1.2401 and could extend to 55 weeks EMA (now at 1.3434). On the downside, below 1.3038 minor support will suggest that a short term top is possibly formed and flip bias back to the downside. Further break of 1.2736 support will argue that consolidation from 1.2401 has possibly finished and will bring retest on this low.

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 edge further higher to 1.3234 and touches 100% projection of 1.2401 to 1.3203 from 1.2432 at 1.3234. Intraday bias remains on the upside as long as 1.3038 minor support holds. Rise from 1.2432 is treated as the third leg of the consolidation pattern from 1.2401 and could extend to 55 weeks EMA (now at 1.3434). On the downside, below 1.3038 minor support will suggest that a short term top is possibly formed and flip bias back to the downside. Further break of 1.2736 support will argue that consolidation from 1.2401 has possibly finished and will bring retest on this low.

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.