Since the beginning of the year, the currency gained over 2.5%, nonetheless, last week managed to rally more than 1.0% and is in a bullish phase since early July. Last week the USDCHF rallied with a wide range and closed near the high of the week, in addition managed to close above the previous week high, which suggests a strong bullish momentum. The stochastic is showing a weak bullish momentum and is setting lower highs while the price is making higher highs, signs of a potential bearish divergence. The currency pair is approaching again a key inflection point near the 76.4 Fibonacci retracement where in late October 2017 it made a reversal and made a downward correction in early May, however in this case the USDCHF maybe developing a potential double top pattern. Expecting a downward move to 50.0 Fibonacci retracement at 0.9761 on a bounce from the 76.4 Fibonacci retracement at 1.0064 (scenario 1) nevertheless a break above the 76.4 Fibonacci retracement at 1.0064 could trigger another bullish run to a weekly resistance at 1.01896 (scenario 2).