USD/CHF Weekly Outlook

USD/CHF's fall extended further to 1.0032 last week but lost momentum after touching 100% projection of 1.2296 to 1.0366 from 1.0883 at 1.0033. With 4 hours MACD staying above signal line, initial bias is neutral this week. Note that break of 1.0124 minor resistance will argue that a short term bottom is at least formed with bullish convergence condition in 4 hours MACD. Stronger rally should be seen to trend line resistance (now at 1.0299) first in this case. In case of another fall, we'd continue to expect strong support from parity to bring rebound....MORE