With 1.2402 minor resistance intact, deeper decline is still expected in EUR/CHF for 1.2218 support. Break ill target 1.2196 support and below. On the upside, break of 1.2402 minor resistance is needed to signal reversal. Otherwise, outlook will stay mildly bearish.
In the bigger picture, EUR/CHF is holding above 55 weeks EMA for the moment and it's maintaining a higher high, higher low pattern in daily chart. Further rise is still in favor for another high above 1.2649. But momentum is unconvincing and thus, we'll be cautious on strong resistance around 1.2649, which is also close to long term fibonacci level of 38.2% retracement of 1.6827 to 1.0061.
IMOH, Clement I.
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