USDCHF’s bounce from 0.8922 extended to as high as 0.9339. Further rally is still possible in a couple of days and next target would be at 0.9400 area. However, the bounce is treated as consolidation of long term downtrend from 1.1730 (2010 high), another fall towards, 0.8500 is still possible after consolidation. Support is at 0.9125, below this level will indicate that a cycle top is being formed on daily chart, then deeper decline to test 0.8922 previous low support could be seen.
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.
