USDCHF rebounds sharply from 1.0977, suggesting that a cycle bottom is being formed on daily chart. Consolidation in a range between 1.0977 and 1.1450 is possible in a couple of weeks. Key support is now at 1.0977, below this level will indicate that the fall from 1.1740 has resumed and then deeper decline could be seen to 1.0600-1.0800 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.
