USD/CHF seems to be trading in a corrective wave 2), as a reaction to the previous five wave rise within wave 1). That said, downside may be limited for wave 2) around the 50.0/61.8 Fibonacci ratio and around the lower corrective channel line. As we know, corrections usually consist out of three waves A-B and C and as we can see in our case, wave 2) may already be trading in final stages of sub-wave C. That said, a break above the upper channel line would signal a reversal and more gains to follow.

USD/CHF, 1H