USD/CHF's rally continued last week and reached as high as 0.9611 last week. The pair lost some upside momentum after hitting 0.9594 resistance. but retreats were so far shallow. Initial bias remains on the upside this week and sustained trading above 0.9594 will confirm resumption of medium term rise and should target 0.9916 key resistance level next. Below 0.9528 minor support will indicate short term topping and bring pull back. From downside should be contained by 0.9366 and bring rise resumption.

In the bigger picture, rise from 0.7065 medium term bottom is still in progress and is possibly resuming. However, as such rally is viewed as a correction, we'd expect strong resistance from 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948) to limit upside and bring reversal. Though, sustained trading above there will send USD/CHF through parity to 61.8% projection of 0.7065 to 0.9594 from 0.8930 at 1.0493.

In the longer term picture, long term down trend from 2000 high of 1.8305 is still in favor to resume for another low below 0.7065. However, decisive break of mentioned 0.9916/48 cluster resistance will in raise the odds the such down trend is already completed and would pave the way back to 1.1288/3283 resistance zone.