Intraday bias in USD/CHF remains on the upside and rebound from 0.8552 could extend further towards near term falling channel resistance (now at 0.8974). Though, we'd continue to expect expect strong resistance at 0.8895/9006 resistance zone to limit upside and bring down trend resumption. Below 0.8783 will flip bias back to the downside for retesting 0.8552 low first. However, sustained break of 0.9006 resistance will raise the possibility of medium term bottoming and would bring stringer rise to 0.9339 resistance for confirmation.
In the bigger picture, whole down trend from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 is already broken and USD/CHF should now target 100% projection at 0.7798. On the upside, break of 0.9339 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.