[m.youssif]

USD/CHF's down trend continued last week and dropped to new record low of 0.8625. Initial bias remains on the downside this week and further fall should now be seen to 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486 next. On the upside, break of 0.8832 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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. 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 is already broken and USD/CHF should now target 100% projection at 0.7798. On the upside, break of 0.9339 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. 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.

[m.youssif]

USD/CHF's down trend continued last week and dropped to new record low of 0.8625. Initial bias remains on the downside this week and further fall should now be seen to 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486 next. On the upside, break of 0.8832 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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. 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 is already broken and USD/CHF should now target 100% projection at 0.7798. On the upside, break of 0.9339 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. 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.