USD/CHF turned into sideway trading and consolidated above 0.9114 temporary low last week. Initial bias remains neutral this week for more consolidative trading. But even in case of another rise, we'd expect upside to be limited by 38.2% retracement of 0.9594 to 0.9114 at 0.9297 and bring fall resumption. As noted before, considering bearish divergence condition in daily MACD, whole rebound from 0.7065 is possibly finished. Break of 0.9065 support will target 0.8567 key support to confirm the bearish case.

In the bigger picture,we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern only. Below 0.8567 support will indicate such rebound is finished and bring retest of 0.7065 low. Above 0.9594 will bring another rise. But after all, 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. The long term down trend is expected to resume later after consolidation from 0.7065 completes.

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.