The USD/CHF pair accelerated higher at the end of the last week, slightly through the upper channel resistance line which is a bullish signal. As such, we are now observing a new wave count with possible impulsive rally underway to 0.9500 area, while 0.9335 is not breached. Note that current pull-back from the latest high is quite slow, usually an important sign for a corrective price action. As such this pull-back could represent wave 4 in the middle of ongoing wave 3) that could reach 261.8% extension level of wave 2).

Forex Analysis by Gregor Horvat at ForexPros. com