EUR/CHF - Bottoming proces taking place?

I'm still looking for a major bottom in this cross. All the ingredient are in place for a major bottom, but after the decline we have seen since late 2007 it could be a prolonged affair. That said lets look at the facts. We can count a 5 wave decline since the 168.28 high in late 2007. We have divengence on my indicator, the MACD-forest and the Stoch. indicator is curling up from deep oversold territorium, all pointing towards a possible bottoming-proces in progress.

Taking away some of the noise on the upper chart, June produced a Hammer chandle, which is a reversal chandle also adding to the odds of a possible bottom being close at hand. In June we also the prices making a false break below the channel-support line also a sign of a weakning trend.

Short term a break above 123.45 will activated a possible inverted Shoulder/Head/Shoulder bottom for a rally towards at least 128.61. But no break above 123.45 - No bottom yet.