USD/CHF edged higher to 0.8017 last week but lost momentum and retreated since then. Initial bias is neutral this week for some consolidations below 0.8017 temporary top. Note that another rise could still be seen with 0.7548 minor support intact and above 0.8017 will send USD/CHF into 0.8081/8227 resistance zone. However, in that case, we'd expect strong resistance there to limit upside and bring near term reversal. On the downside, break of 0.7548 will flip bias back to the downside for retest 0.7065 low.

In the bigger picture, while the rebound from 0.7065 was strong, there is no indication of trend reversal yet. We'll stay bearish as long as 0.8275 support turned resistance holds. Current down trend from 1.1730 is still expected to extend through 0.7 psychological level. Though, that would come after some more consolidations above 0.7065 first. Meanwhile, sustained trading above 0.8275 will indicate that such fall from 1.1730 might have finished and open up the possibility of rebounding back to 0.9634 support turned resistance.

In the longer term picture, long term down trend from 2000 high of 1.8305 is still in progress. There are various interpretation of the price actions. But after all, USD/CHF should be resuming the set of impulsive fall from 1.8305 to 1.1288. The current down trend might now be targeting next projection level of 100% projection of 1.8305 to 1.1288 from 1.3283 at 0.6266.

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