USD/CHF's strong rise today suggests that retreat from 1.0494 might have completed at 1.0367 already. Intraday bias is cautiously on the upside for the moment. Break of 1.0506 will confirm that whole rise from 0.9919 has resumed and should target 1.0590 medium term support turned resistance next. On the downside, below 1.0367 will bring more correction but after all, downside is expected to be contained above 1.0291 resistance turned support and bring rally resumption.
In the bigger picture, medium term fall from 1.1963 has completed with five waves down to 0.9916 already, on bullish convergence condition in daily MACD. Also, the three wave consolidation from 1.2296 should be finished too. Current rise from 0.9916 is expected to extend further to medium term trend line resistance first (now at 1.0996). Sustained trading above the trend line will affirm the case that long term rise from 2008 low of 0.9634 is resuming for another high above 1.2296. On the downside however, a break of 1.0131 support will invalidate this bullish view and argue that medium term down trend in USD/CHF is still in progress for another low below 0.9916.
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