Weekly Technical Outlook on Major - USD/CHF

USD/CHF - 0.9782.. Dollar continued its recent losing streak last week n hit a 10-1/2 month trough of 0.9660 on Tue b4 rebounding due to easing of U.S.- China trade tensions. Price later ratcheted higher to 0.9809 on Fri b4 easing. 

On the bigger picture, dlr's early rally fm 2018 31-month trough of 0.91 88 in mid-Feb to a 2-year peak at 1.0238 in Apr this year confirms the downtrend fm 2016 6-year peak at 1.0344 has made a low there. Having said that, dlr's fall to 0.9695 in Jun, then a brief break there to a 10-1/2 month low of 0.9660 last week suggests correction has ended there n although subsequent bounce to 0.9809 (Fri) suggests temp. low is made, as long as 0.9840 holds, one more fall to 0.95 89 (61.8% r of 0.9188-1.0238) would be seen, 'bullish convergences' on daily oscillators should keep price abv 0.9338. Only a daily close abv 0.9840 signals temp. low is made n may bring stronger correction twd 0.9975 in late Aug/Sep.

Today, as long as 0.9745/50 holds, upside bias remains for further gain to 0.9815/20, 'bearish divergences' on hourly indicators would cap price below 0.98 40 n yield decline. A firm break of 0.9745 indicates temp. top is made, risks weakness to 0.9723, then later twd 0.9706.