USD/CHF is weakening, favouring a second down leg after the first one from 0.8953 to 0.8744. Supports can be found at 0.8778 (17/04/2014 low) and 0.8744, while a key support lies at 0.8699. A resistance stands at 0.8862.
From a longer term perspective, the structure present since 0.9972 (24/07/2012) is seen as a large corrective phase. However, a decisive break of the key resistance at 0.8930/0.8953 is needed to validate a bullish reversal pattern.