USDCHF’s fall from 1.0066 extended to as low as 0.9497. Key resistance is now at 0.9733, as long as this level holds, downtrend could be expected to continue and one more fall towards 0.9463 previous low is still possible. However, a break above 0.9733 could indicate that a cycle bottom has been formed at 0.9497 on daily chart, and the fall from 1.0066 has completed, then the following upward move could bring price back to 1.0350 area.
For long term analysis, USDCHF has formed a cycle bottom at 0.9463 level on weekly chart. Bounce to 1.1000 is expected in next several weeks.
