EUR/CHF's recovery faced strong resistance from 4 hours 55 EMA last week and completed at 1.2297. Fall from 1.2393 then extend to as low as 1.2210. Initial bias remains on the downside this week for 1.2165 support. Current development argues that whole decline from 1.2649 is resuming. And break of 1.2165 will target next support at 1.2127. On the upside, break of 1.2297 is needed to confirm near term reversal. Otherwise, outlook will stay mildly bearish.
In the bigger picture, EUR/CHF faced strong resistance from 38.2% retracement of 1.6827 to 1.0061 at 1.2646 and turned sideway. Sustained break of this level is needed to confirm larger up trend resumption. Otherwise, outlook will stay neutral for more range trading. But after all, downside of another decline attempt should be contained by SNB's 1.2 floor.
In the bigger picture, EUR/CHF faced strong resistance from 38.2% retracement of 1.6827 to 1.0061 at 1.2646 and turned sideway. Sustained break of this level is needed to confirm larger up trend resumption. Otherwise, outlook will stay neutral for more range trading. But after all, downside of another decline attempt should be contained by SNB's 1.2 floor.
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