The USD / CHF remained in consolidation above 0.9009 last week and the outlook remains unchanged. The original bias remains neutral this week first. As long as 0.9197 resistance holds, the outlook remains bearish for further declines. Break of 0.9009 resumes a major down trend to 100% projection from 1.0237 to 0.9181 from 0.9901 at 0.8845. However, break of 0.9197 resistance will indicate in the short term bottom bottom and bring stronger rebound.
In the bigger picture, decline from 1.0237 is seen as the third part of the pattern from 1.0342 (low in 2016) that is still stretching. Sustained trading below 100% projection from 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way for 138.2% projection of 0.8639. On the upside, it is necessary to break 0.9376 resistance to be the first sign of medium-term bottom.
In the long-term picture, price measures from 0.7065 (low 2011) are not yet clearly impulsive. Thus, we treat it as evolving into a corrective pattern, at least until a solid break of 1.0342 resistance.
