USD/CHF’s fall from 0.9192 extended slightly lower last week. Initial bias stays on the downside this week for 0.8982 support first. Firm break there will resume larger down trend. On the upside, above 0.9148 minor resistance will turn bias back to the upside for 0.9192/9207 resistance zone instead.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
In the long term picture, price actions from 0.7065 (2011 low) are currently seen as developing into along term corrective pattern, at least until a firm break of 1.0342 resistance.
