Being contained by 0.9917 (2009 low) support, USDCHF rebounded from 0.9932. Key resistance is now at 1.0277, as long as this level holds, downtrend is expected to continue and another fall to test 0.9917 support is still possible, a breakdown below this level will target 0.9700 area. However, above 1.0277 will indicate that a cycle bottom has been formed on daily chart, then the following upward move could bring price back to 1.1000 area.
For long term analysis, USDCHF formed a cycle top at 1.1730 level on weekly chart. Further fall to 0.9700 to reach next cycle bottom on weekly chart is still possible in a couple of weeks.
