USD/CHF rose to as high as 1.1244 and met mentioned target of 100% projection of 1.0131 to 1.0897 from 1.0434 at 1.1200 before forming a temporary top there and turned sideway. Initial bias remains neutral this week and some more consolidations might be seen. Nevertheless, downside is expected to be contained by 1.0746/0923 support zone and bring rally resumption. Break of 1.1244 high will target 161.8% projection at 1.1673 next.
In the bigger picture, sustained trading above the medium term falling trend line affirms our view that whole correction from 1.2296 has completed with three waves down to 0.9916. Rise from 0.9916 is tentatively treated as resumption of the whole rise from 2008 low of 0.9634 and should now target a retest on 1.1963/2296 resistance zone. On the downside, break of 1.0434 support is needed to indicate that such rise fro 0.9916 is completed. Otherwise, we'll stay bullish.
In the longer term picture, a long term bottom is no doubt in place at 0.9634 with bullish convergence condition in monthly MACD. Rise from 0.9916 is set to resume the rise from 0.9634 and 55 months EMA should be taken out firmly. Such development will favor the case that long term down trend from 1.8305 has reversed and would favor stronger rise to 1.3283 resistance and above.