[m.youssif]

USD/CHF dropped further to 0.8552 last week but formed a short term bottom there and recovered. Initial bias is mildly on the upside this week for further rise towards 38.2% retracement of 0.9399 to 0.8552 at 0.8853. But after all, upside is expected to be limited by 0.8895 support turned resistance and bring down trend resumption. On the downside, below 0.8676 minor support will flip bias back to the downside for retesting 0.8552 support first.

In the bigger picture, whole down trend 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 dropped further to 0.8552 last week but formed a short term bottom there and recovered. Initial bias is mildly on the upside this week for further rise towards 38.2% retracement of 0.9399 to 0.8552 at 0.8853. But after all, upside is expected to be limited by 0.8895 support turned resistance and bring down trend resumption. On the downside, below 0.8676 minor support will flip bias back to the downside for retesting 0.8552 support first.

In the bigger picture, whole down trend 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.