EUR/CHF's rebound from 1.0372 resumed and reached as high as 1.3874 last week before making a temporary top there. Initial bias is neutral this week and some sideway trading could be seen first. But another rise is in favor and above 1.3874 will target 100% projection of 1.3072 to 1.3674 from 1.3341 at 1.3943. But upside should be limited there to conclude the whole corrective file from 1.3072 and bring reversal. On the downside, break of 1.3509 support will indicate that rebound from 1.3072 is finished and flip bias back to the downside for retesting 1.3072 low.

In the bigger picture, EUR/CHF's down trend from 2007 high of 1.6827 is still in progress. Rise from 1.3072 is treated as a correction only and should be limited below 1.4002 resistance and bring down trend resumption. 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.

/

/

/

/