EUR/CHF's consolidation from 1.3072 continued last week. With 1.3217 minor support intact, another rise cannot be ruled out. But after all, we'd expect upside to be limited below 1.3733 resistance and bring fall resumption. Below 1.3217 will flip intraday bias back to the downside. Further break of 1.3072 will confirm down trend resumption for 1.3 psychological level next.

In the bigger picture, EUR/CHF's down trend from 2007 high of 1.6827 is still in progress and accelerates after breaking out 1.4315 support. 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 1.4002 resistance is needed to be the first signal of 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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