USDCHF formed a cycle bottom at 0.8922 level on daily chart. Range trading between 0.8922 and 0.9300 would likely be seen in a couple of weeks. However, the bounce 0.8922 is treated as consolidation of downtrend, another fall towards 0.8500 is still possible after consolidation, and a breakdown below 0.8922 could signal resumption of downtrend.
For long term analysis, USDCHF is in downtrend from 1.1730, further decline to 0.8000 area to reach next cycle bottom on weekly is expected.
