USD/CHF surged further to as high 0.9224 last week before retreating. Initial bias remains neutral this week for some more consolidations. While deeper pull back cannot be ruled out, near term outlook will stay bullish as long as 0.9019 support holds. On the upside, break of 0.9224 will resume larger rally to 0.9439 resistance next.
In the bigger picture, current development indicates that rise from 0.8551 is reversing whole down trend from 1.0146. Further rally would then be seen to 61.8% retracement at 0.9537 and above. For now, this will be the favored case as long as 55 D EMA (now at 0.8923) holds, even in case of deep pullback.
In the long term picture, there is no clear sign that down trend from 1.8305 (2000 high) has completed. With 38.2% retracement of 1.8305 to 0.7065 at 1.1359 intact, outlook is neutral at best.
