Being supported by a trend line from 0.9634 (2008 low) to 0.9917 (2009 low) on weekly chart, USDCHF rebounded from 1.0060. Sideways consolidation in a range between 1.0060 and 1.0350 is expected in next several days. However, another fall is still possible after consolidation, and a breakdown below 1.0060 could indicate that the downtrend from 1.1730 has resumed, then next target could be seen to 1.0000 area.
For long term analysis, USDCHF formed a cycle top at 1.1730 level on weekly chart. Further fall to 1.0000 to reach next cycle bottom on weekly chart is expected in a couple of weeks.
