USD/CHF jumped to as high as 0.9182 last week before making a temporary top there and retreated mildly. Initial bias is neutral this week for some consolidations first. But pull back should be contained by 0.8647 support and bring another rise. Above 0.9182 will target 161.8% projection of 0.7065 to 0.8246 from 0.7710 at 0.9621. Nevertheless, break of 0.8647 support will argue that a short term top is at least form on bearish divergence condition in 4 hours MACD and would bring deeper decline back to 0.7710/8246 support zone.

In the bigger picture, medium term down trend from 1.1730 is already completed at 1.7065. But there is no indication of long term reversal yet. Rebound from 0.7065 is treated as part of a medium term consolidation pattern. Such rebound would possibly extend to 0.9916/1.1730 resistance zone. But strong resistance should be seen there and bring reversal. On the downside, break of 0.7710 is needed to indicate completion of the rebound from 0.7065. Otherwise, we'll stay near term bullish in the pair for the moment.

In the longer term picture, long term down trend from 2000 high of 1.8305 is still in progress and there is no indication of a reversal yet. Such down trend would still extend to 100% projection of 1.8305 to 1.1288 from 1.3283 at 0.6266 after finishing the consolidation from 0.7065.

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