[m.youssif]

EUR/CHF's break of 1.3053 minor support suggests that rise from 1.2432 has completed at 1.3234 after hitting 100% projection target. Intraday bias is flipped back to the downside for 1.2736 support next. Break will confirm this case and also indicates that consolidation from 1.2401 is also completed too. In such case, deeper decline should be seen to retest 1.2401 low then.

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 break of 1.3053 minor support suggests that rise from 1.2432 has completed at 1.3234 after hitting 100% projection target. Intraday bias is flipped back to the downside for 1.2736 support next. Break will confirm this case and also indicates that consolidation from 1.2401 is also completed too. In such case, deeper decline should be seen to retest 1.2401 low then.

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.