Current development suggests that EUR/CHF's rebound from 1.2401 has finished at 1.3067 already. Initial bias is cautiously on the downside this week for 1.2724 support first. Break will confirm this bearish case. Also, in such case, the larger down trend would likely be resuming for another low below 1.2401, with next target at 61.8% projection of 1.3833 to 1.2401 from 1.3067 at 1.2182. On the upside, however, above 1.3000 minor resistance will dampen this view and bring another rise to extend the correction to above 1.3067 instead.

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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