USD/CHF edged higher to 0.9884 last week but retreated again. Initial bias is neutral this week first. On the downside, break of 0.9754 minor support will argue that corrective pattern from 1.0063 is extending with another falling leg. Intraday bias will be on the downside for 0.9493 support. On the upside, break of 0.9884 will resume the rise from 0.9493 to retest 1.0063 high.
In the bigger picture, medium term up trend from 0.8756 (2021 low) is still in progress. Next target is 1.0342 (2016 high). Sustained break there will resume long term up trend from 0.7065 (2011 low). This will remain the favored case as long as 0.9471 resistance turned support holds.
In the long term picture, current development argues that the correction from 1.0342 (2016 high) has completed at 0.8756 (2020 low) already. Rise from 0.7065 (2011 low) might be ready to resume. Firm break of 1.0342 will confirm and target 38.2% retracement of 1.8305 (2000 high) to 0.7065 at 1.1359.
