USD/CHF’s rebound from 0.9369 continued last week and outlook is unchanged. Triangle correction from 1.0063 could have completed at 0.9369 already. Break of 0.9884 resistance will argue that larger up trend is ready to resume through 1.0063 high. On the downside, break of 0.9691 minor support will mix up the outlook and turn intraday bias neutral first.
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 is seen from 55 week EMA (now at 0.9433). Overall, though, USD/CHF is seen as in sideway pattern from 1.0342 (2016 high). Range trading should continue until further development.
