USD/CHF Price Analysis: Bulls banking on a recovery in the US dollar

• USD/CHF is on the verge of a significant correction.
• Bulls can target hourly and daily upside resistance structures. 

USD/CHF is accumulating on the downside following the Federal Reserve's dovish tilt during the press conference which weighed on the greenback. 

DXY 4-hour chart

As the DXY starts to recover back into test the counter trend line and resistance, near to 92.500/60, USD/CHF would be expected to be pressured to the upside.

The following analysis illustrates the prospective upside targets. 

Daily chart

The daily chart is in need of a correction following the Fed-induced downside spike. The M-formation is a compelling feature for which the bulls can target the prior lows/support near 0.9150. 

Hourly chart

On the hourly chart, the accumulation would be expected to lead to a correction also and move in on prior lows in a 50% mean reversion near 0.9130, ahead of the daily target area. 

If the resistance here proves too much, bears will start to take profits and a downside extension for fresh hourly lows would be on the cards.