Monthly Chart
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The pair has exited the red Ichimoku cloud, suggesting that the short-term downtrend could extend into a long-term one, with the Tenkan-sen line lying below the Kijun-sen just adding more ground.
We are looking for a fall in the short, medium and long-term, with only one of the many patterns suggesting that the uptrend might continue. The Elliot Oscillator suggests that the rate is on the third wave, implying that the next attempt at a bullish outbreak is likely to be unsuccessful.
Daily Chart
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In case the rate hesitates to make a move south in the long-term, 1.1253 could be the aim for the next couple of years, facilitated by SMA pressures from below. The monthly chart shows targets at 1.0223 and 1.0435 before the 1.1253 major resistance is reached. An immediate dip would be supported by 0.9444, the 55-month SMA, and 0.9212, the bottom Bollinger Band with a major monthly closing demand level at 0.9537.
On a daily basis, however, we are looking for a loss in value that would result in a close below the triangle support level at 0.9537. Hitches around 0.9652/56, 0.9630 and 0.9565 would make the pair accumulate enough weakness to hit the bottom. A medium-term surge, however, would be tougher for USD/CHF to execute, as countless resistance levels are there to battle movements north.
4 Hour Chart
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It is possible that the pair is attempting a rebound from the broken senior downtrend, and the potential downturn could just serve as a stepping stone to extend the rally over the next decades. This scenario, however, is quite unlikely, as the surge has extended to the scope that either an effectively vertical movement or a several decade consolidation would have to take place.
Some afternoon volatility will stem from the United States new home sales data announcement at 14:00 GMT, on Monday, followed by the US CB Consumer Confidence Index scheduled for Tuesday.
Aggregate Technical Indicators
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