USD/CHF’s up trend continued last week and hit as high as 0.9592, hitting 0.9591 medium term projection level. Initial bias remains on the upside this week first. Sustained break of 0.9591 will pave the way to next projection level at 0.9864. On the downside, break of 0.9453 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, down trend from 1.0342 (2016 high) could 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. Sustained break of 61.8% projection of 0.8756 to 0.9471 from 0.9149 at 0.9591 will pave the way to 100% projection at 0.9864. This will now remain the favored case as long as 0.9193 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.
