USD/CHF stayed in consolidation from 0.9964 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, above 0.9964 will resume the rally from 0.9369 to retest 1.0063 high. For now, outlook will stay bullish as long as 0.9738 support holds, in case of retreat.
In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9369 support holds, even in case of deep pull back.
In the long term picture, outlook is mixed with deeper than expected fall from 1.0063, but some support was seen from 55 week EMA (now at 0.9492). Overall, though, USD/CHF is seen as in sideway pattern from 1.0342 (2016 high). Range trading should continue until further development.
