USD/CHF has been in larger corrective uptrend since August 2011 and it could test the 1.000/1.0700 resistance on multi-month basis (watch for strong 2005 monthly resistance line). The pair had completed a wave (A) at 0.9600 (January 2012 high) and the following wave (B) was completed at 0.8930 (February 2012 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 0.9365.
A wave 4 setback is underway from 0.9975 with bearish divergences in daily oscillators. Downside focus is now on 0.9655. A break below would extend the pullback toward the 0.9600/0.9550 (watch the trend channel support) ahead of the strong 0.9465/0.9420 support where short-term bulls would attempt to renew. The 0.9830/0.9900 resistance should cap strength in the near term. A reversal above 0.9975 however negates the near-term bearish view.