EUR/CHF rebounded strongly last week as SNB intervened ahead of 1.4 psychological level. The break of 1.4465 resistance indicates that a medium term top bottom is formed at 1.4002. Nevertheless, since the strong rebound lost some momentum towards this end of the week, we'd expect some sideway consolidations below 1.4587 initially this week. But downside, should be contained above 1.4138 minor support and bring another rebound. Above 1.4487 will head towards 55 weeks EMA (now at 1.4810).

In the bigger picture, a medium term bottom should be in place above 1.4 psychological level and the cross has now entered into another consolidation phase. However, note that the current rebound is not strong enough to warranted a reversal of the long term down trend yet. We'd expect strong resistance at 55 weeks EMA (now at 1.48 level) to limit upside. The cross should revisit 1.4 level again some time in medium term.

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. Break of 1.5138 is needed to confirm reversal. Otherwise, outlook will remain bearish.

EUR/CHF

EUR/CHF

EUR/CHF

EUR/CHF