[m.youssif]

EUR/CHF's fall from 1.2971 was contained above 1.2728 and recovers. Consolidation from 1.2728 might still be in progress and intraday bias is turned neutral for the moment. With 1.2971 resistance intact, we'd favor a break of 1.2728 support eventually. Break of 1.2728 will confirm resumption of fall from 1.3234. Also, this will affirm the view that consolidation from 1.2401 is already finished at 1.3234. In such case, bias will be back on the downside for another low below 1.2401. On the upside, however, above 1.2971 will suggest that fall from 1.3234 has completed and would turn bias back to the upside and bring stronger rebound. Also, this will argue that consolidation pattern from 1.2401 is possibly still in progress.

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 fall from 1.2971 was contained above 1.2728 and recovers. Consolidation from 1.2728 might still be in progress and intraday bias is turned neutral for the moment. With 1.2971 resistance intact, we'd favor a break of 1.2728 support eventually. Break of 1.2728 will confirm resumption of fall from 1.3234. Also, this will affirm the view that consolidation from 1.2401 is already finished at 1.3234. In such case, bias will be back on the downside for another low below 1.2401. On the upside, however, above 1.2971 will suggest that fall from 1.3234 has completed and would turn bias back to the upside and bring stronger rebound. Also, this will argue that consolidation pattern from 1.2401 is possibly still in progress.

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.