USDCHF is forming a cycle top at 1.0986 level on daily chart. Range trading between 1.0590 and 1.0986 is expected next week. A break below 1.0590 key support will confirm the cycle top and signal resumption of downtrend from 1.1740. However, above 1.0986 will suggest that the fall from 1.1740 has completed at 1.0590 level already, and then the following uptrend will take price to 1.1150-1.1200 area.
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.
