USD/CHF attempted to recover last week but was limited at 0.9174 and weakened again. Initial bias is mildly on the downside this week and further fall would be seen towards 0.8930 low. Break there will indicate resumption of whole decline from 0.9594 and would target 0.8567 support next. On the upside, above 0.9174 minor resistance will flip bias back to the upside for 0.9334 resistance first. Also, that will revive that case that fall from 0.9594 is finished at 0.8930. Further break of 0.9334 will retest 0.9594 high.

In the bigger picture,we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern only. Upside momentum of such rebound is clearly diminishing, but there is no sign of reversal yet as USD/CHF is staying well inside the near term rising channel. Rebound from 0.7065 could extend further to above 0.9594. But even in that case, strong resistance should be seen at 0.9916 (61.8% retracement of 1.1730 to 0.7065 at 0.9948) to limit upside and bring reversal. Below 0.8930 will target 0.8567 first. Break will confirm completion of rebound form 0.7065 and should target a test on this low.

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.