EUR/CHF attempted a rebound after making a temporary low at 1.2126 but upside was limited by 4 hours 55 EMA. The cross then weakened sharply towards the end of last week. It seems that the attempt to form a short term bottom on bullish convergence condition in 4 hours MACD was not successful. Initial bias is mildly on the downside this week for 1.2121 support level. Break of which will pave the way to test SNB's floor of 1.2. On the upside, though, break of 1.2198 minor resistance will indicate short term bottoming and should flip bias back to the upside to start another rising leg inside the sideway pattern between 1.2121 and 1.2472.

In the long term picture,after SNB intervention, the long term down trend in EUR/CHF is put into a halt at 1.0061. While the whole rebound from 1.0061 was strong, there is no scope of trend reversal yet. And, we'd expect strong resistance inside 1.2399/3243 resistance zone to limit upside unless there is a drastic turn in risk sentiments. But in any case, downside should be contained above 1.2, the floor set by SNB.

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