[m.youssif]

EUR/CHF drew strong support from 1.2736 and rebounded. Intraday bias is turned neutral for the moment but with 1.2948 minor resistance intact, the near term bearish outlook remains unchanged. That is, consolidation from 1.2401 should have finished with three waves up to 1.3234 already. Below 1.2728 will affirm this view and should push EUR/CHF through 1.2401 low to resume the larger down trend. However, break of 1.2948 will delay the bearish view and bring more consolidations first.

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 drew strong support from 1.2736 and rebounded. Intraday bias is turned neutral for the moment but with 1.2948 minor resistance intact, the near term bearish outlook remains unchanged. That is, consolidation from 1.2401 should have finished with three waves up to 1.3234 already. Below 1.2728 will affirm this view and should push EUR/CHF through 1.2401 low to resume the larger down trend. However, break of 1.2948 will delay the bearish view and bring more consolidations first.

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.