USD/CHF edged higher to 0.9374 last week but turned into consolidation last week. Initial bias stays neutral this week first. On the downside, break of 0.9233 will bring deeper correction. But overall outlook will stay bullish as long as 0.9044 resistance turned support holds. On the upside, above 0.9321 minor resistance will bring retest of 0.9374 high.

In the bigger picture, current development argues that fall from 1.0237 has completed at 0.8756, on bullish condition in daily and weekly MACD. Current rally from 0.8756 should target 0.9901 resistance first. Break there will target 1.0237/0342 resistance zone in the medium term. This will now remain the favored case as long as 0.9044 resistance turned 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.



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