USDCHF remains in downtrend from 0.9971, the rise from 0.9239 is treated as consolidation of the downtrend. Range trading between 0.9239 and 0.9500 would likely be seen over the next several days. Resistance is at 0.9500, as long as this level holds, we’d expect downtrend to resume, and a breakdown below 0.9239 could trigger another fall towards 0.9000.
For long term analysis, USDCHF had formed a cycle top at 0.9971 on weekly chart. Further decline to 0.8500 area would likely be seen over the next several weeks.
