USDCHF broke above the downtrend line on daily chart, suggesting that a cycle bottom is being formed at 0.8569. Range trading between 0.8569 and 0.9050 would likely be seen in a couple of weeks. However, the rise would possibly be consolidation of downtrend from 0.9314, another fall towards 0.7800 is still possible.
For long term analysis, USDCHF had formed a cycle top at 0.9314 on weekly chart. Pullback to 0.7800 area is expected over the next several weeks.
