With 0.8797 minor support intact, intraday bias in USD/CHF remains mildly on the upside but focus is still on 0.9006 resistance. Sustained break there will also have near term falling channel, as well as 55 days EMA (now at 0.9005) taken out. Such development will suggest that USD/CHF has formed a medium term bottom at 0.8552 and stronger rise should then be seen towards 0.9339 resistance for confirmation. Nevertheless, reversal from the current resistance zone of 0.8895/9006, followed by break of 0.8797 minor support will retain the bearish case and flip bias back to the downside for a new low below 0.8552.
In the bigger picture, while the rebound from 0.8552 is strong, there is no indication of trend reversal yet. Whole decline from 1.1729 is still expected to continue towards 100% projection of 1.1729 to 0.9462 from 1.0065 at at 0.7798. However, sustained trading above 55 days EMA (now at 0.9009) will indicate that 0.8552 should be a medium term bottom and USD/CHF should then rebound back into 0.9462/1.0065 resistance zone instead.