USD/CHF’s fall from 0.9243 resumed by breaking through 0.8886 last week. But as a temporary low was formed at 0.8853, initial bias stays neutral this week for consolidations. Another recovery cannot be ruled out but upside should be limited by 0.8952 support turned resistance. On the downside, break of 0.8853 will resume the decline to 100% projection of 0.9243 to 0.8886 from 0.9111 at 0.8754.
In the bigger picture, price actions from 0.8551 are currently seen as part of a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Deeper fall would be seen to 61.8% retracement of 0.8551 to 0.9243 at 0.8815. Sustained break there will bring retest of 0.8551 low. For now, this will remain the favored case as long as 0.9111 resistance holds.
In the long term picture, there is no clear sign that down trend from 1.8305 (2000 high) has completed. With 38.2% retracement of 1.8305 to 0.7065 at 1.1359 intact, outlook is neutral at best.
