USD/CHF's consolidation form 0.9182 continued last week but drew some support from 4 hours 55 EMA and recovered. The development suggests that retreat from 0.9182 might be cover already and initial bias is back on the upside this week. Break of 0.9182 will confirm resumption of the whole rise from 0.7065 and should target 161.8% projection of 0.7065 to 0.8246 from 0.7710 at 0.9621 next. On the downside, below 0.8917 minor support will delay the bullish case and bring more consolidations first. But we'll stay bullish as long as 0.8647 support holds and extend another rise eventually.

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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