USD/CHF consolidated above 0.9378 last week but lacked follow through buying for a stronger rebound. Near term outlook remains unchanged. Correction from 0.9566 is in favor to go deeper and below 0.9378 will target 55 days EMA (now at 0.9333) and below. Nonetheless, rise from 0.9021 is viewed as the second leg of the sideway pattern from 0.9971. Another rally is expected after the pull back from 0.9566 has completed, to 61.8% retracement of 0.9971 to 0.9021 at 0.9608 and above.
In the bigger picture, medium term rebound from 0.7065 is viewed as a corrective move and should have completed after hitting 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Current development suggests that price action from there are developing into a sideway pattern. Retest of 0.9971 could be seen but we won't turn bullish until sustained break there. Otherwise, we're prefer at least one more fall before pattern from 0.9971 completes.
In the longer term picture, current development argues that price actions from 0.9971 are corrective in nature, which in turn implies that medium term rise from the 0.7065 is not finished yet. And, note that break of 0.9971 will also have 55 months EMA firmly taken out and would be a strong indication of completion of the down trend from 1.8305 (2000 high). We'll see the rise fro 0.7065 develop into before taking a bullish stance.
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