USD/CHF drew support from 0.9843 and rebounded strongly last week. Corrective pull back from 1.0027 should have completed at 0.9841. Initial bias stays on the upside this week for retesting 1.0027 resistance. Break will resume whole rise from 0.9659. However, break of 0.9891 minor support will turn bias back to the downside for 0.9841 support instead.
In the bigger picture, corrective fall from 1.0237 should have completed at 0.9659 already, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.
In the long term picture, price actions from 0.7065 (2011 low) are not clearly impulsive yet. Thus, we’ll treat it as developing into a corrective pattern, at least, until a firm break of 1.0342 resistance.
