EUR/CHF’s rise from 1.0503 extended to as high as 1.1149 last week. But it couldn’t sustain above 100% projection of 1.0503 to 1.0915 from 1.0737 at 1.1149 and retreated. Initial bias is turned neutral this week for consolidations first. But further rally is expected as long as 1.0954 support holds. On the upside, break of 1.1149 will pave the way to 161.8% projection 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.
