USDCHF has formed a cycle top at 0.9339 level on daily chart. Deeper decline towards 0.8922 previous low could be seen next week, a breakdown below this level will indicate that the downtrend from 1.1730 (Jun 1, 2010 high) has resumed, then next target would be at 0.8500 zone. Resistance is at 0.9339, only break above this level will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.9500-0.9600 area.
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.
