USDCHF breaks below 1.0977 support, suggesting that the downtrend from 1.1740 has resumed. Deeper decline is now in favor and the next target is at 1.0600-1.0800 area. Initial resistance is at the falling trend line on daily chart and the key resistance is located at 1.1264, only rise above this level will indicate that the downtrend from 1.1740 has completed.
For long term analysis, USDCHF has formed a cycle bottom at 1.0366 level on weekly chart. Consolidation in a range between 1.0366 and 1.2296 is expected in a couple of months.
