Since last week when price reached the 0.91 support level where we find the upward sloping channel, we turned bullish expecting a reversal and a move at least towards 0.9220. Confirmation of this idea was the break above 0.9150.

Orange line - support trend line

USDCHF has reached and surpassed our first bounce target which was at 0.9220. Short-term trend remains bullish and after the channel breakout and trend line back test, we remain confident that USDCHF will reach higher levels. It is important however for price not to break below 0.91. This would be considered a sign of weakness.