[m.youssif]

USD/CHF's choppy recovery from 0.8921 extended further to as high as 0.9339 last week and touched 55 days EMA as expected. Further rise cannot be ruled out as long as 0.9126 minor support stronger resistance should be seen at near term falling trend line resistance (now at 0.9573) to limit upside and bring reversal. On the downside,below 0.9126 minor support will flip intraday bias back to the downside for a retest on 0.8921 low.

In the bigger picture, whole decline from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. Sustained trading below 0.9 psychological level will target 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 first and then 100% projection at 0.7798. On the upside, break of 0.9774 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

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. 61.8% projection of 1.8305 to 1.1288 from 1.3283 at 0.8946 is already met. Sustained trading below 0.9 psychological level will pave the way towards 100% projection at 0.6266.

[m.youssif]

USD/CHF's choppy recovery from 0.8921 extended further to as high as 0.9339 last week and touched 55 days EMA as expected. Further rise cannot be ruled out as long as 0.9126 minor support stronger resistance should be seen at near term falling trend line resistance (now at 0.9573) to limit upside and bring reversal. On the downside,below 0.9126 minor support will flip intraday bias back to the downside for a retest on 0.8921 low.

In the bigger picture, whole decline from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. Sustained trading below 0.9 psychological level will target 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 first and then 100% projection at 0.7798. On the upside, break of 0.9774 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

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. 61.8% projection of 1.8305 to 1.1288 from 1.3283 at 0.8946 is already met. Sustained trading below 0.9 psychological level will pave the way towards 100% projection at 0.6266.