USD/CHF recovers after dipping to 1.0650 yesterday. After all, intraday outlook remains neutral for the moment. We're still favoring the fall from 1.0985 is a correction to rise from 1.0590 only. Break of 1.0857 minor resistance will leave the fall in three wave structure and affirm this case. Retest of 1.0985 should then be seen and break will bring rally resumption to next key resistance resistance zone of 1.1158/1740. However, note that break 1.0590 low will indicate that recent fall from 1.1740 is still in progress and might target 10366 support next.

In the bigger picture, price actions from 1.2296 are treated as consolidation to whole rally from 0.9634, with first leg completed at 1.0366, second at 1.1963. Prior break of mentioned 1.0952 resistance argues that the third leg from 1.1963 has completed at 1.0590 too and should bring strong rise towards 1.1158/1740 resistance. Nevertheless, in such case, we'd favor that such consolidation is development into triangle pattern and hence, upside should be limited by 1.1158/1740 initially and bring one more fall before completing the consolidation. However, break of 1.1963 will serve as the first signal that whole rally from 0.9634 is resuming. On the other hand, note that a break of 1.0590 will indicate that fall from 1.1963 is still in progress for 1.0366, or even further to 100% projection of 1.2296 to 1.0366 from 1.1963 at 1.0033 before completing the consolidation from 1.2296.