After edging higher to 1.3923, EUR/CHF reversed and fell sharply. The development suggests that whole choppy rebound from 1.3072 is finished at 1.3923 already. Initial bias will remain on the downside this week for 1.3341 support. Break will confirm this bearish case and indicate that the long term down trend is resuming for 1.3 psychological level. On the upside, above 1.3540 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 1.3923 resistance and bring fall resumption.

In the bigger picture, the rebound from 1.3072 was limited below 1.4002 support turned resistance as expected and the bearish outlook remains unchanged. Long term down trend from 2007 high of 1.6827 is still in progress and should target 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.

/

/

/

/