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USD/CHF Breaks Down Channel Support

As EUR/USD rallies, we would expect the USD/CHF to fall because we know CHF has been tracking EUR since the Swiss National Bank announced it would support the EUR/CHF at 1.20. 

With a rally in EUR/USD, we are seeing a dip in USD/CHF. It broke below a rising channel support. 

(usdchf 4h chart 4/8)

Bullish outlook:
Note that late March price action signaled a bullish reversal EUR/GBP broke above a falling resistance. This bullish outlook suggests upside risk towards 0.9080, the 2014 high, in the medium term. However the current bearish swing is challenging this outlook:

Bearish outlook:
We shouldn't dismiss the prevailing bullish development just yet. But a break below 0.8813 would be a failure to establish a higher low, and thus the bullish outlook would have to be shelved. A push below 0.88 might revive a prevailing bearish outlook, and challenge the 2014 lows around 0.87 again.