USD/CHF dived sharply to as low as 0.9306 last week but formed a temporary there ahead of 0.9304 support and recovered. There is no change in the near term bullish outlook yet and with 0.9304 support intact, rise from 0.8567 is still in favor to continue. Above 0.9412 minor resistance will flip bias back to the upside for retesting 0.9594 high first. However, considering bearish divergence condition in 4 hours MACD and daily MACD, decisive break of 0.9304 will suggest that rise from 0.8567, as well as that from 0.7065, are completed. In such case, deeper decline should be seen back to 0.8567 support next.

In the bigger picture,we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern only. Hence, strong resistance is expected at next cluster level at 0.9916 (61.8% retracement of 1.1730 to 0.7065 at 0.9948, 61.8% projection of 0.7065 to 0.9315 from 0.8567 at 0.9958) to limit upside and bring reversal. Meanwhile, break of 0.8567 support should mark the completion of whole rebound form 0.7065 and turn outlook bearish.

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 extend to 100% projection of 1.8305 to 1.1288 from 1.3283 at 0.6266 after finishing the consolidation from 0.7065.