USD/CHF surged to as high as 0.9758 last week but formed a temporary top there. Initial bias is neutral this week for some consolidations. Downside of retreat should be contained above 0.9459 support to bring another rally. On the upside, break of 0.9758 will resume larger rise to next medium term projection level at 0.9864.
In the bigger picture, down trend from 1.0342 (2016 high) should have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Next target is 100% projection of 0.8756 to 0.9471 from 0.9149 at 0.9864. This will now remain the favored case as long as 0.9459 resistance turned support holds.
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.
