USD/CHF dropped to new record low of 0.7578 last week, just inch above mentioned target of 161.8% projection of 0.8519 to 0.8081 from 0.8277 at 0.7568. The pair has been losing some downside momentum but break of 0.7801 resistance is needed to signal short term bottoming. Otherwise, further decline is still expected. Below 0.7568 will target 200% projection at 0.7401. Though, above 0.7801 will bring stronger rebound instead.

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 continue for 138.2% projection of 1.1730 to 0.9462 from 1.0065 at 0.6931 which is close to 0.7 psychological level. On the upside, break of 0.8519 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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