[m.youssif]

EUR/CHF continued to consolidate in range above 127.28 last week. With 1.2971 resistance intact, there is no change in the bearish view. That is, consolidations from 124.01 is likely finished with three waves up to 1.3234 already. Fall from there is still in progress and below 1.2728 will turn bias back to the downside for 1.2401 and below. On the upside, however, above 1.2971 will suggest that fall from 1.3234 has completed and would turn bias back to the upside and bring stronger rebound. Also, this will argue that consolidation pattern from 1.2401 is possibly still in progress.

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.

In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. Sustained trading below 1.3 psychological level will send the cross further lower to 138.2% projection of 1.8234 to 1.4391 from 1.6827 at 1.1516.

[m.youssif]

EUR/CHF continued to consolidate in range above 127.28 last week. With 1.2971 resistance intact, there is no change in the bearish view. That is, consolidations from 124.01 is likely finished with three waves up to 1.3234 already. Fall from there is still in progress and below 1.2728 will turn bias back to the downside for 1.2401 and below. On the upside, however, above 1.2971 will suggest that fall from 1.3234 has completed and would turn bias back to the upside and bring stronger rebound. Also, this will argue that consolidation pattern from 1.2401 is possibly still in progress.

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.

In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. Sustained trading below 1.3 psychological level will send the cross further lower to 138.2% projection of 1.8234 to 1.4391 from 1.6827 at 1.1516.