USDCHF is forming a sideways consolidation in a range between 0.9870 and 102.49. As long as 0.9870 support holds, we’d expected up trend to resume, and further rise to 1.0500 area to reach the next cycle top on daily chart is still in favor. Key support is at 0.9634, only break of this level will signal the resumption of the long term down trend.
For long term analysis, USDCHF is in long term down trend. As long as 1.0750 resistance holds, deeper decline towards 0.9000 area is in favor.
