USD/CHF jumped to as high as 0.9794 last week and the break of 0.9771 indicates that rise from 0.8930 has resumed. Initial bias remains on the upside this week and further rally should be seen 0.9916 key resistance level next. On the downside, below 0.9682 minor support will turn bias neutral and bring consolidations first. But near term outlook will stay bullish as long as 0.9462 support holds.

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, 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.

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