Ella 
Heading into Monday’s European session, USD/CHF bulls took a break ahead of the key Swiss second-quarter GDP release. The pair posted its first loss in three days and was within a bullish channel formed a month ago.
Not only is there a rising bullish channel since the beginning of August, but bullish MACD signals and an optimistic RSI line also make USD/CHF bulls hopeful ahead of the release of Swiss second-quarter GDP, which is expected to increase by 0.1% month-on-month, compared with the previous value of 0.3%.
It is worth pointing out that the rising trend line since last Wednesday is currently close to 0.8815, and then rounded at 0.8800, limiting the short-term downside of USD/CHF.
The confluence of the 200SMA and the bottom line of the bullish channel around 0.8755 will challenge it to fall further.
Overall, USD/CHF bulls still have hope, unless there is a clear break below the former resistance line around 0.8700 since early June.
On the other hand, the top line of the said channel around 0.8890, combined with the June bottom at 0.8900, will limit USD/CHF longs.
