USD/CHF recovered after initial dip to 0.9420 last week. At this point, with 0.9650 minor resistance intact, correction from 0.9771 could extend lower. Below 0.9420 will target 61.8% retracement of 0.9041 to 0.9771 at 0.9320. Though, break of 0.9650 will indicate that such correction is finished and should flip bias back to the upside for 0.9771 and above.

In the bigger picture, medium term rebound from 0.7065 is still in progress and is viewed as a correction in the larger down trend. Thus, in case of another rise, 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 start to argue that whole down trend from 1.8305 (2000 high) has completed and will bring stronger rally 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.