USD/CHF dips mildly today but still, with 1.1093 minor support intact, further rise is in favor, towards 61.8% retracement of 1.2296 to 1.0366 at 1.1559. But upside is expected to be limited there to break resumption of whole fall from 1.2296. On the downside, below 1.1093 will turn intraday outlook neutral again. Further break below 1.0864 will indicate that rebound from 1.0366 might have completed and would bring retest of this low.

In the bigger picture, the five wave structure of the decline from 1.2296 to 1.0366 is arguing that whole medium term rebound from 0.9634 has completed already. While a short term bottom is in place at 1.0366, rebound from there should be limited by 61.8% retracement of 1.2296 to 1.0366 at 1.1559 and bring fall resumption. Below 1.0366 will target 1.0010 first and then 0.9634 low. Sustained trading above 1.1559 fibo resistance is needed to invalidate the bearish case and put focus back to 1.2296 high.