USDCHF rebounded from 1.0214 and reached as high as 1.0526. As long as 1.0623 resistance holds, we’d expect down trend to resume and pullback to test 0.9870 support is still possible. Initial support is located at 1.0214, a break of this level will signal resumption of the down trend.
For long term analysis, USDCHF formed a long term cycle bottom at 0.9634 level on weekly chart. Sideways consolidation in a range between 0.9634 and 1.0623 is expected.
