EUR/CHF resumed medium term down trend and fell sharply to as low as 1.3733 last week before recovering. Some more recovery cannot be ruled out but upside should be limited below 1.4109 support turned resistance and bring fall resumption. On the downside, below 1.3815 minor resistance will flip intraday bias back to the downside. Break of 1.3733 will target 100% projection of 1.5138 to 1.4002 from 1.4587 at 1.3451 next.
In the bigger picture, the strong break of 1.4 psychological level confirmed long term down trend resumption. Such down trend is still in healthy state with EUR/CHF staying well below a falling 55 weeks EMA. Next target will be 100% projection of 1.8234 to 1.4391 from 1.6827 at 1.2984, which is close to 1.3 psychological level. On the upside, break of 1.4587 resistance is needed to confirm medium term reversal. Otherwise, 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.
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