EUR/CHF's rebound from 1.3072 extended further to as high as 1.3622 last week. Initial bias remains on the upside and such rebound could continue further. However, we'd still expect upside to be limited below 1.3733 resistance and bring fall resumption eventually. Break of 1.3378 minor support will flip intraday bias back to the downside for 1.3072 and break there will target 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 accelerated 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.