EUR/CHF continued to stay inside tight range of 1.4294/4386 last week and gyrated around a flat 4 hours 55 EMA. Bias remains neutral and more choppy sideway trading might still be seen. On the downside, break of 1.4294 will argue that rebound from 1.4143 is completed at 1.4465 already and turn bias to the downside for this support first. On the upside, above 1.4386 will suggest that stronger recovery might be seen. But after all, we'd continue to expect strong resistance near to 1.4557 support turned resistance to limit upside and bring fall resumption sooner or later.

In the bigger picture, the strong break of 1.4315 (2008 low) confirms that whole long term down trend from 1.6287 has resumed. Next medium term target will be 61.8% projection of 1.6368 to 1.4315 from 1.5138 at 1.3869. On the upside, break of 1.4557 spike low resistance is needed to be first signal of bottoming. Otherwise, medium term outlook will remain bearish.

In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. We'd expect such down trend to extend towards 100% projection of 1.8234 to 1.4391 from 1.6827 at 1.2984 in the longer run.

EUR/CHF

EUR/CHF

EUR/CHF

EUR/CHF