USD/CHF Weekly Outlook
USD/CHF’s uptrend continued last week and hit as high as 0.9592, hitting the 0.9591 medium-term projection level. Initial bias remains on the upside this week first. A sustained break of 0.9591 will pave the way to the next projection level at 0.9864. On the downside, the break of 0.9453 support is needed to indicate short-term topping. Otherwise, the outlook will remain bullish in case of retreat.
In the bigger picture, the down trend from 1.0342 (2016 high) could have been completed with three waves down to 0.8756 (2021 low) already. The rise from 0.8756 is likely a medium-term up trend of its own. A sustained break of 61.8% projection of 0.8756 to 0.9471 from 0.9149 at 0.9591 will pave the way to 100% projection at 0.9864. This will now remain the favored case as long as 0.9193 support holds.