USD/CHF jumped to as high as 1.1585 last week before turning sideway. With 4 hours MACD staying below signal line, some more consolidations might be seen initially this week. Nevertheless, another rise would remain in favor as long as 1.1267 minor support holds. Above 1.1585 will target 161.8% projection of 1.0131 to 1.0897 from 1.0434 at 1.1673 next. Nevertheless, note that break of 1.1267 support will indicate that a short term top is formed with bearish divergence condition in 4 hours MACD. In such case, deeper pull back would be seen towards 1.0922 support before staging another rise.
In the bigger picture, as noted before, rise from 0.9916 is treated as resumption of the long term rise from 2008 low of 0.9634. Such rise is expected to have a test on 1.1963/2296 resistance zone first and then 100% projection of 0.9634 to 1.2296 from 0.9916 at 1.2578. On the downside, break of 1.0897 resistance turned support is needed to be the first sign of reversal. 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.