USD/CHF edged higher to 0.8246 last week but faced strong resistance from medium term falling channel and reversed. As short term top should be in place at 0.8246. With 0.7959 minor resistance intact, initial bias remains mildly on the downside this week and deeper decline could be seen to 61.8% retracement of 0.7065 to 0.8246 at 0.7516 and possibly below. Nevertheless, strong support should be seen above 0.7065 to contain downside and bring another rebound to extend the consolidations from 0.7065. On the upside,, above 0.7959 will turn bias neutral first. But risk of another fall remains as long as 0.8246 resistance holds.
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.