EUR/CHF's rebound from 1.2401 extended further to as high as 1.3066 last week. Such rebound is treated as correction to fall from 1.33 and is still in progress. Initial bias remains on the upside this week for 61.8% retracement of 1.3833 to 1.2401 at 1.3286. On the downside, below 1.2814 minor support will argue that corrective rise from 1.2401 has completed and will flip bias back to the downside for retesting this support.

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.

In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. Sustained trading below 1.3 psychological level will send the cross further lower to 138.2% projection of 1.8234 to 1.4391 from 1.6827 at 1.1516.

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