The break of 0.8552 minor resistance suggests that USD/CHF has formed a temporary low at 0.8552 already and intraday bias is now mildly on the upside for recovery towards 4 hours 55 EMA (now at 0.8706) and above. Nevertheless, upside is expected to be limited by 0.8895 support turned resistance and bring fall resumption. Below 0.8552 will target 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486 next.
In the bigger picture, whole decline from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 is already broken and USD/CHF should now target 100% projection at 0.7798. On the upside, break of 0.9339 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.
![نقره لعرض الصورة في صفحة مستقلة](http://www.actionforex.com/images/stories/contributors/actionforex/usdchf20110505b1.gif)
![نقره لعرض الصورة في صفحة مستقلة](http://www.actionforex.com/images/stories/contributors/actionforex/usdchf20110505b2.gif)
In the bigger picture, whole decline from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 is already broken and USD/CHF should now target 100% projection at 0.7798. On the upside, break of 0.9339 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.
![نقره لعرض الصورة في صفحة مستقلة](http://www.actionforex.com/images/stories/contributors/actionforex/usdchf20110505b1.gif)
![نقره لعرض الصورة في صفحة مستقلة](http://www.actionforex.com/images/stories/contributors/actionforex/usdchf20110505b2.gif)