Weekly outlook EUR / CHF | Forex Action

The strong rebound in the EUR / CHF last week has increased the chances of a short-term reversal. A temporary peak having formed at 1.0662, the initial bias remains neutral first. On the upside, above 1.0662 will target a 1.0710 cluster resistance (38.2% retracement from 1.1059 to 1.0503 to 1.0715). A sustained break will confirm the bullish case. However, breaking the minor support of 1.0578 will cause a new test of 1.0503 instead.

Overall, as long as 1.0811 support has become resilient, we still expect a more significant downtrend from 1.2004 (2018 high) to further extend below the pair. However, a firm break out of 1.0811 should confirm a medium-term low at 1.0503. A stronger rise should be observed from the resistance at 1.1059 and above.

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