EUR/CHF’s fall from 1.2004 accelerated steeply to as low as 1.1531 last week. The development confirmed medium term topping at 1.2004. Initial bias is on the downside this week for 1.1445 key support zone. For now, we’d expect strong support from 1.1445 to contain downside, at least on first attempt, to bring rebound. On the upside, above 1.1641 minor resistance will turn bias to the upside for rebound.

In the bigger picture, current development suggests solid rejection by prior SNB imposed floor at 1.2000. Considering bearish divergence condition in daily MACD, 1.2004 should be a medium term top. And price action from 1.2004 is correcting the up trend from 1.0629. Hence, for now, deeper fall could be seen back to 1.1445, which is close to 38.2% retracement of 1.0629 to 1.2004 at 1.1479. We’d expect strong support from there to bring rebound to extend the medium term corrective pattern. However, sustained break of 1.1445 will target next key cluster level at 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154.

Daily Pivots: (S1) 1.1116; (P) 1.1160; (R1) 1.1202; More….

EUR/CHF formed a temporary low after dropping to 1.1119. Intraday bias is turned neutral for some consolidations. Upside should be limited by 1.1278 resistance to bring another fall. On the downside, break of 1.1119 will extend whole decline from 1.2004 and target 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next.

In the bigger picture, focus will stay on 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Sustained break of 1.1154 will argue that fall from 1.2004 is itself a long term down trend. Next target will be 1.0629 support next. This will now remain the favored case as long as 1.1476 resistance holds even in case of rebound.

Daily Pivots: (S1) 1.1934; (P) 1.1953; (R1) 1.1971; More…

No change in EUR/CHF’s outlook as consolidation from 1.2004 is extending. Intraday bias remains neutral. As long as 1.1888 minor support holds, further rally is expected. Decisive break of 1.2 will pave the way to 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188. However, consider bearish divergence condition in 4 hour MACD, break of 1.1888 will indicate short term topping. In that case, deeper pull back would be seen back to 1.1445/1832 support zone.

In the bigger picture, long term up trend in EUR/CHF is still in progress. Prior SNB imposed floor at 1.2003 was already met but there is no sign of reversal yet. As long as 1.1445 support holds, we’d expect the up trend to extend to 2013 high at 1.2649 next.

Daily Pivots: (S1) 1.0369; (P) 1.0389; (R1) 1.0401; More….

Intraday bias in EUR/CHF remains on the downside at this point. Current down trend from 1.1149 should target 161.8% projection of 1.1149 to 1.0694 from 1.0936 at 1.0200 next. On the upside, break of 1.0511 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, long term down trend from 1.2004 (2018 high) is now extending. Next target is 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. On the upside, break of 1.0694 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of rebound.

Daily Pivots: (S1) 0.9732; (P) 0.9800; (R1) 0.9838; More….

Intraday bias in EUR/CHF remains neutral at this point. Corrective rise from 0.9550 might extend higher. But upside should be limited by 38.2% retracement of 1.0512 to 0.9550 at 0.9917 to bring down trend resumption. On the downside, below 0.9696 minor support will turn bias back to the downside for retesting 0.9550 low.

In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 138.2% projection of 1.2004 to 1.0505 to 1.1149 at 0.9033. On the upside, break of 0.9970 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

Daily Pivots: (S1) 1.0821; (P) 1.0831; (R1) 1.0844; More….

EUR/CHF’s rebound from 1.0715 short term bottom is still in progress. Intraday bias remains on the upside for 38.2% retracement of 1.1149 to 1.0715 at 1.0881. We’d monitor the reaction to 1.0881 to assess the chance of bullish reversal. On the downside, break of 1.0788 minor support will turn bias back to the downside for retesting 1.0715 low instead.

In the bigger picture, rebound from 1.0505 (2020 low) should have completed at 1.1149 already. The three wave corrective structure argues that the downtrend from 1.2004 (2018 high) is not over yet. Medium term outlook will now stay bearish as long as 1.1149 resistance holds. Break of 1.0505 low would be seen at a later stage.

Daily Pivots: (S1) 1.0542; (P) 1.0573; (R1) 1.0602; More…

With 1.0170 resistance intact, further fall is expected in EUR/CHF. Current down trend is in progress for 100% projection of 1.1476 to 1.0811 from 1.1059 at 1.0394 next. On the upside, break of 1.0710 resistance, however, will indicate short term bottoming. Intraday bias would be turned back to the upside for stronger rebound.

In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress. Decisive break of 1.0629 key support should now pave the way to parity next. Overall, outlook will remain bearish as long as 1.0811 support turned resistance holds, in case of rebound.

Daily Pivots: (S1) 0.9644; (P) 0.9667; (R1) 0.9690; More…

EUR/CHF is staying in consolidation above 0.9606 and intraday bias remains neutral. Also, outlook remains bearish with 0.9721 support turned resistance intact. On the downside, break of 0.9606 will resume larger decline from 1.0095 to 100% projection of 0.9995 to 0.9670 from 0.9840 at 0.9515.

In the bigger picture, medium term outlook is staying bearish as the pair is capped below falling 55 W EMA (now at 0.9913). Down trend form 1.2004 (2018 high) is in favor to extend through 0.9407 at a later stage. Nevertheless, decisive break of 38.2% retracement of 1.1149 to 0.9407 will raise the chance of bullish trend reversal.

Daily Pivots: (S1) 1.0724; (P) 1.0756; (R1) 1.0810; More…

Intraday bias in EUR/CHF remains on the upside. Rebound from 1.0602 should target a test on 1.0915 resistance first. Break there will resume the whole rise from 1.0503 and target 100% projection of 1.0503 to 1.0915 from 1.0602 at 1.1014 next. On the downside, though, break of 1.0701 minor support will dampen the bullish case and turn bias back to the downside instead.

In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1049/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.

Daily Pivots: (S1) 1.0581; (P) 1.0607; (R1) 1.0629; More…

EUR/CHF’s rise resumes today by taking out 1.0662 and hits as high as 1.0698 so far. Intraday bias is back on the upside for 1.0710 cluster resistance (38.2% retracement of 1.1059 to 1.0503 at 1.0715). Firms break there will put 1.0811 key resistance in focus. On the downside, break of 1.0589 support is needed to indicate completion of the current rebound. Otherwise, further rally is in favor for the near term, in case of retreats.

In the bigger picture, as long as 1.0811 support turned resistance holds, we’d still expect larger down trend from 1.2004 (2018 high) to extend lower to parity. However, Firm break of 1.0811 should confirm medium term bottoming at 1.0503. Stronger rise should be seen back to 1.1059 resistance and above.

EUR/CHF’s break of 0.9832 support argues that rebound form 0.9407 has completed at 1.0095 already, on bearish divergence condition in daily MACD. Initial bias is now on the downside this week for deeper fall to 61.8% retracement of 0.9407 to 1.0095 at 0.9670. Sustained break there will bring deeper fall to retest 0.9407 low. On the upside, above 0.9860 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 55 day EMA (now at 0.9910) holds.

In the bigger picture, rejection by 55 week EMA (now at 1.0011) and 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that medium term outlook is staying bearish. That is, down trend from 1.2004 is not completed yet and is in favor to resume through 0.9407 at a later stage. For now, this will be the favored case as long as 1.0095 resistance holds.

In the long term picture, it’s still way too early too call for bullish trend reversal with upside capped well below 55 month EMA and 1.0505 support turned resistance (2020 low). The multi-decade down trend could still continue.

Daily Pivots: (S1) 1.1055; (P) 1.1079; (R1) 1.1105; More….

EUR/CHF is still bounded in consolidation from 1.1149 and intraday bias remains neutral first. Another retreat cannot be ruled out. But outlook stays bullish for another rally as long as 1.0954 support holds. On the upside, break of 1.1149 will pave the way to 161.8% projection of 1.0503 to 1.0915 from 1.0737 at 1.1404.

In the bigger picture, current development suggests that whole down trend from 1.2004 (2018 high) has completed at 1.0503. Rise from there is starting a medium term up trend. Next target is 61.8% retracement of 1.2004 to 1.0503 at 1.1431 and above. This will now remain the favored case as long as 1.0915 resistance turned support holds.

EUR/CHF dipped to 1.1387 last week then recovered. Overall outlook is unchanged that price actions from 1.1622 are developing into a correction. Initial bias is neutral this week first. Below 1.1387 will target 1.1257 cluster support (38.2% retracement of 1.0652 to 1.1622 at 1.1251). Strong support is expected there to contain downside and bring rebound. Above 1.1497 will extend the recovery. But break of 1.1622 is needed to confirm up trend resumption. Otherwise, the consolidation should continue with risk of at least another fall.

In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1198 resistance turned support holds.

Daily Pivots: (S1) 1.1352; (P) 1.1454; (R1) 1.1540; More….

EUR/CHF breached 1.1445 support to as low as 1.1366 and recovered. There is no clear sign of bottoming yet and intraday bias stays on the downside. Sustained trading below 1.1445 will target next key support zone between 1.11543 and 1.1198. On the upside, above 1.1530 will turn intraday bias back to the upside and bring recovery first.

In the bigger picture, current development suggests solid rejection by prior SNB imposed floor at 1.2000. Considering bearish divergence condition in daily MACD, 1.2004 should be a medium term top. And price action from 1.2004 is correcting the up trend from 1.0629. The cross has met 1.1445 already, which is close to 38.2% retracement of 1.0629 to 1.2004 at 1.1479. We’d expect strong support from there to bring rebound to extend the medium term corrective pattern. However, sustained break of 1.1445 will target next key cluster level at 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154.

Daily Pivots: (S1) 1.1392; (P) 1.1411; (R1) 1.1440; More…

Outlook in EUR/CHF remains unchanged as consolidation from 1.1476 is extending. Intraday bias remains remains neutral first. On the upside, sustained break of 38.2% retracement of 1.2004 to 1.1162 at 1.1484 will confirm completion of corrective fall from 1.2004. Further rally should then be seen to 61.8% retracement at 1.1682 and above. On the downside, sustained break of 55 day EMA (now at 1.1347) will pave the way back to retest 1.1162 low.

In the bigger picture, at this point, we’re slight favoring the case that corrective fall from 1.2004 has completed after being supported by 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Decisive break of 1.1501 resistance should confirm and target 1.1713 resistance next. And, firm break of 1.1154 is needed to confirm down trend resumption. Otherwise, medium term outlook will be neutral at worst.

Daily Pivots: (S1) 0.9705; (P) 0.9756; (R1) 0.9792; More….

EUR/CHF is staying in consolidation from 0.9697 and intraday bias remains neutral. Firm break of 0.9697 will resume larger down trend to 0.9650 long term projection level. Strong support could be seen there to bring rebound. On the upside, break of 0.9799 minor resistance will turn bias to the upside for stronger rise to 0.9948 resistance. However, firm break of 0.9650 will target 100% projection of 1.1149 to 0.9970 from 1.0513 at 0.9334.

In the bigger picture, long term down trend from 1.2004 (2018 high) is expected to target 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. Firm break there will target 138.2% projection at 0.9033. On the upside, break of 1.0513 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

Daily Pivots: (S1) 1.1941; (P) 1.1969; (R1) 1.1983; More…

EUR/CHF is still bounded in consolidation pattern from 1.2004 temporary top. Intraday bias remains neutral at this point. On the upside, decisive break of 1.2 will pave the way to 61.8% projection of 1.0629 to 1.1832 from 1.1445 at 1.2188. However, considering bearish divergence condition in 4 hour MACD, break of 1.1888 will indicate short term topping. In that case, deeper pull back would be seen back to 1.1445/1832 support zone.

In the bigger picture, long term up trend in EUR/CHF is still in progress. Prior SNB imposed floor at 1.2003 was already met but there is no sign of reversal yet. As long as 1.1445 support holds, we’d expect the up trend to extend to 2013 high at 1.2649 next.

Daily Pivots: (S1) 1.0899; (P) 1.0934; (R1) 1.0957; More…

Intraday bias in EUR/CHF stays neutral with focus on 1.0912 minor support. Break will indicate completion of the corrective rise from 1.0811, at 1.1018. Intraday bias will be turned back to the downside for retesting 1.0811 low. On the upside, in case of another recovery, upside should be limited by 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065) to bring fall resumption.

In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Further fall should be seen to 1.0629 support and possibly below. On the upside, break of 1.1162 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

Daily Pivots: (S1) 1.1341; (P) 1.1361; (R1) 1.1374; More…

Intraday bias in EUR/CHF remains neutral at this point. Further rise is still expected as long as 1.1310 holds. On the upside, break of 1.1444 will whole rally from 1.1181 for 1.1501 key resistance next. However, break of 1.1310 will turn bias to the downside for 1.1181 low again.

In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone to complete it and bring rebound. Decisive break of 1.1501 (38.2% retracement of 1.2004 to 1.1173 at 1.1490) will confirm completion of the correction, on bullish convergence condition in daily MACD. Further rise should be seen to 61.8% retracement at 1.1687 and above next.

Daily Pivots: (S1) 1.0711; (P) 1.0723; (R1) 1.0745; More….

EUR/CHF is staying in consolidation above 1.0694 temporary low and intraday bias remains neutral first. With 1.0839 resistance intact, outlook remains bearish for further decline. On the downside, break of 1.0694 will resume larger fall from 1.1149. Next target is 61.8% projection of 1.0985 to 1.0715 from 1.0839 at 1.0672 first. Break will target 100% projection at 1.0569 next.

In the bigger picture, rebound from 1.0505 (2020 low) should have completed at 1.1149 already. The three-wave corrective structure argues that the downtrend from 1.2004 (2018 high) is not over yet. Medium term outlook will now stay bearish as long as 55 week EMA (now at 1.0863) holds. Break of 1.0505 low would be seen at a later stage.