The Swiss Franc has been one of the strongest currencies over the last one and a half years, but that seems to be over. A firm bottom is in place at 0.9403 and a rally back to the 2013 high at 1.2650 is in progress. Short-term we would like to see a break above minor resistance at 0.9885, which will open the way for a rally towards the trendline resistance near 1.0531. This resistance line is likely to reject the first attempt to break above it, but the second attempt should prove successful and will call for more upside towards the long-term target near 1.2650.