USDCHF rallied over 500 bps over the last four weeks (starting from 0.9443 May 2, 2016 weekly low), retracing 61.8% of the 1.0256/0.9443 fall. The bias remains as all the indicators are still pointing upwards. While the 0.9796/0.9740 (April 18 2016 weekly high/May 16, 2016 weekly low) holds the pullback, the next upside target is 1.0092 (near 76.4% of the 1.0256/0.9443 fall). Above there would allow the pair to challenge the 1.0256 (January 25, 2016 YTD peak), just shy of the 1.0328 area (November 23, 2015 multi-year high).
However, failure to hold the 0.9740 area near the breakout point would turn the bias to neutral and suggest that further consolidation is likely near term towards the 0.9443 low.