[m.youssif]

EUR/CHF drops to as low as 1.2785 so far and at this point, intraday bias remains on the downside for deeper decline. As noted before, consolidation from 1.2401 might have completed with three waves up to 1.3234 already. Sustained break of 1.2736 will affirm this view and should push EUR/CHF through 1.2401 low to resume the larger down trend. On the upside, break of 1.2948 minor resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish.

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 drops to as low as 1.2785 so far and at this point, intraday bias remains on the downside for deeper decline. As noted before, consolidation from 1.2401 might have completed with three waves up to 1.3234 already. Sustained break of 1.2736 will affirm this view and should push EUR/CHF through 1.2401 low to resume the larger down trend. On the upside, break of 1.2948 minor resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish.

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.