USD/CHF has been in larger corrective uptrend since August ’11 and it could test the 1.000/1.0700 resistance on a multi-month basis (watch for strong 2005 monthly resistance line). The pair had completed a wave (A) at 0.9600 (January ’12 high) and the following wave (B) was completed at 0.8930 (February ’12 low). The current wave (C) uptrend could aim for 1.05 and above. The 0.9465/0.9420 support is critical for the uptrend followed by 0.9335.
A potential wave [v] rally has kicked off from 0.9420. The uptrend could aim for 0.9900/1.000 resistance or higher. The 0.9670/0.9630 support needs to hold on weakness to maintain the uptrend. A close below would refocus on 0.9465/0.9420 initially. Near-term longs may be attempted on weakness.