USDCHF dropped down from 1.0623 and reached as low as 1.0214. Deeper decline to 1.000 area to reach the next cycle bottom on daily chart is expected. Key support is located at 0.9870, as long as this support holds, we’d expect up trend to resume.
For long term analysis, USDCHF formed a long term cycle bottom at 0.9634 level on weekly chart. Sideways consolidation in a range between 0.9634 and 1.0623 is expected.
