With 4 hours MACD crossed below signal line, a temporary top should be in place at 0.8945 and intraday bias is turned neutral. USD/CHF is still limited inside near term falling channel and there is no indicate of reversal. Below 0.8797 will suggest that corrective rebound from 0.8552 has completed and will flip intraday bias back to the downside for retesting this low first. Break will confirm down trend resumption. On the upside, focus will remain on 0.9006. Sustained break there will will also have near term falling channel, as well as 55 days EMA (now at 0.9005) taken out. Such development will suggest that USD/CHF has formed a medium term bottom at 0.8552 and stronger rise should then be seen towards 0.9339 resistance for confirmation. Nevertheless, before that, we'll stay bearish.
In the bigger picture, while the rebound from 0.8552 is strong, there is no indication of trend reversal yet. Whole decline from 1.1729 is still expected to continue towards 100% projection of 1.1729 to 0.9462 from 1.0065 at at 0.7798. However, sustained trading above 55 days EMA (now at 0.9009) will indicate that 0.8552 should be a medium term bottom and USD/CHF should then rebound back into 0.9462/1.0065 resistance zone instead.