USD/CHF gyrated higher to 0.9407 last week but failed to extend gain. Initial bias is turned neutral this week first. On the upside, break of 0.9407 will resume the rebound to 38.2% retracement of 1.0146 to 0.9199 at 0.9561. However, firm break of 0.9199 will resume the whole decline from 1.0146 instead.
In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Sustained break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 0.9545 resistance holds.
In the long term picture, long term sideway pattern from 1.0342 (2016 high) is extending and it’s probably in another medium term down leg. Downside will likely be contained by 0.8756 support in case of deeper fall. Overall, range trading should continue until further development.