USD/CHF's down trend extended further last week and made new record low at 0.7848. Initial bias remains on the downside this week for medium term projection level at 0.7797. Break will target 161.8% projection of 0.8519 to 0.8081 from 0.8277 at 0.7568 in near term. On the upside, above 0.7918 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited below 0.8081 support turned resistance and bring down trend resumption.

In the bigger picture, long term down trend from 1.1730 is still in progress and there is no signal of reversal yet. Such decline is expected to extend to 100% projection of 1.1730 to 0.9462 from 1.0065 at at 0.7797. Break will pave the way to 138.2% projection at 0.6931 which is close to 0.7 psychological level. On the upside, break of 0.519 resistance is needed to be the first sign of medium term bottoming or we'll stay bearish in the pair.

In the longer term picture, long term down trend from 2000 high of 1.8305 is still in progress. There are various interpretation of the price actions. But after all, USD/CHF should be resuming the set of impulsive fall from 1.8305 to 1.1288. The current down trend might now be targeting next projection level of 100% projection of 1.8305 to 1.1288 from 1.3283 at 0.6266.

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