USDCHF’s bounce from 0.9917 extended to as high as 1.0507 level. Further rally is still possible next week and next target would be at 1.0600 area. Support level is now located at 1.0300, below this level will indicate that a cycle top has been formed on daily chart, then a minor consolidation of uptrend from 0.9917 could be seen to follow.
For long term analysis, USDCHF has formed a cycle bottom at 0.9917 level on weekly chart. Bounce towards 1.0700 to reach next cycle top is expected.
