EUR/CHF’s fall from 0.9485 resumed last week after rejection by 55 4H EMA (now at 0.9236). Initial bias stays on the downside this week for 61.8% retracement of 0.8979 to 0.9485 at 0.9172. Break there will target 0.9094 support next. On the upside, above 0.9249 will indicate short term bottoming, and bring stronger rebound.
In the bigger picture, current development suggests that rise from 0.8979 has completed as a three wave corrective move at 0.9485. Medium term bearishness is revived and larger down trend from 0.9928 (2024 high) is likely still in progress. Break of 0.8979 low is in favor at a later stage.
In the long term picture, the failure to sustain above 0.9407 support turned resistance (2022 low), and rejection below 55 M EMA (now at 0.9632) argue that down trend from 1.2004 (2018 high) is still in progress.
