As mentioned yesterday, “the longer term wave structure is bullish as the decline from 1.2571 is a double zigzag (inverse of the EURUSD rally). A longer term inverse head and shoulders pattern (May 2006, December 2006, April 2007) is also visible.”
Still, a break above the trendline drawn off of the 2/12 and 4/9 highs is required to clear the way for higher prices. The USDCHF is pressing against this trendline again this morning and looks poised to break higher. Rallying through 1.2187 (5/2 high) would be a bullish signal.