EUR/CHF’s fall last week argues that rebound from 1.0694 might have completed at 1.0936 already. But as a temporary low as formed at 1.0811, initial bias remains neutral this week first. On the downside, below 1.0811 will resume the fall from 1.0936 to retest 1.0694 low. On the upside, above 1.0884 minor resistance will turn bias back to the upside for 1.0936 resistance again.
In the bigger picture, the stronger than expected rebound from 1.0694 and break of 55 week EMA (now at 1.0861) mixes up the medium term outlook. On the upside, break of 1.1149 will resume the whole rise from 1.0505 (2020 low). On the downside, break of 1.0694 will revive some medium term bearishness for 1.0505 and below.
In the long term picture, rejection by 55 month EMA (now at 1.1056) retains long term bearishness. Break of 1.0505 low will resume down trend to 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223.
