USD/CHF's fall from 0.9594 accelerated to as low as 0.8930 last week. Initial bias remains on the downside this week for 100% projection of 0.9594 to 0.9089 from 0.9300 at 0.8795. Break will target key support level of 0.8567. Note again that we're favoring the case that rebound from 0.7065 is finished at 0.9594 on bearish divergence condition in daily MACD and focus will remain on 0.8567 support. On the upside, above 0.9028 minor resistance will turn bias neutral and bring consolidations. But upside should be limited below 0.9300 resistance and bring another fall.

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.