USD/CHF’s late rally and break of 0.9341 resistance argues that choppy rise from 0.8925 might be ready to resume. Initial bias is mildly on the upside this week for 0.9372 resistance first. Break will target 0.9371. However, downside, though, break of 0.9248 will turn intraday bias neutral again.
In the bigger picture, medium term outlook will be neutral at best as long as 0.9471 resistance holds. Larger down trend could still extend through 0.8756 (2021 low). However, firm break of 0.9471 will argue that the trend has already reversed and rebound the rally from 0.8756 with another impulsive move.
In the long term picture, price actions from 0.7065 (2011 low) are currently seen as developing into a long term corrective pattern, at least until a firm break of 1.0342 resistance.
