USD/CHF recovered further to as high as 0.9152 continued to lose upside momentum. Nevertheless, another rise will remain mildly in favor as long as 0.8922 minor support holds. Above 0.9152 will target a test on 0.9315 first. However, break of 0.8922 will signal that recovery from 0.8567 is finished. In such case, intraday bias will be flipped back to the downside. Further break of 0.8761 support will likely resume the fall from 0.9315.

In the bigger picture, medium term fall from 1.1730 is already completed at 0.7065. But there is no indication of long term reversal yet. Rebound from 0.7065 is treated as part of a medium term consolidation pattern. While further rise is likely, we'd expect strong resistance at 0.9916 cluster resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948) to limit upside. Meanwhile, break of 0.8567 will indicate that rebound from 0.7065 is finished and will bring another fall back to 0.7710/8246 to extend the consolidation.

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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