[m.youssif]

EUR/CHF's rally extends further to as high as 1.3056 and breaks mentioned 1.3038 resistance. Intraday bias remains on the upside for further rally. As noted before, rise from 1.2432 is viewed as the third leg of consolidation from 1.2401 and should now target 1.3203 resistance next. On the downside, below 1.2931 minor support will turn bias neutral and bring retreat. But break of 1.2736 support is needed to signal reversal. Otherwise, near term outlook will remain mildly bullish.

In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.

[m.youssif]

EUR/CHF's rally extends further to as high as 1.3056 and breaks mentioned 1.3038 resistance. Intraday bias remains on the upside for further rally. As noted before, rise from 1.2432 is viewed as the third leg of consolidation from 1.2401 and should now target 1.3203 resistance next. On the downside, below 1.2931 minor support will turn bias neutral and bring retreat. But break of 1.2736 support is needed to signal reversal. Otherwise, near term outlook will remain mildly bullish.

In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.