Since the beginning of the year, the currency lost over 2.5% however, last week managed to rise more than 1.0% and made a phase change, shifting from warning to a bullish phase. Last week the USDCHF rallied with a wide range and closed near the high of the week, in addition closed above the previous week high, which suggests a strong bullish momentum. The stochastic is showing a weak bullish momentum although is above the 50 mid line. After the recent pullback the currency pair has encountered some support near the 38.2 Fibonacci retracement and managed to bounce from it however is now facing a predicament, will it have the strength to continue pushing upward toward the double bottom target near the 1.0119 or will re-test the 38.2 Fibonacci retracement? Expecting an upward move to a Fibonacci retracement at 1.0119 on a bounce from other Fibonacci retracement at 0.9877 (scenario 1) nevertheless a break below the Fibonacci retracement at 0.9877 could trigger a bearish run down to a Fibonacci retracement at 0.9769 (scenario 2).