USDCHF stays in a trading range between 0.9239 and 0.9437. As long as 0.9437 resistance holds, the price action in the range is treated as consolidation of the downtrend from 0.9971, and another fall towards 0.9000 is still possible. On the upside, a break above 0.9437 resistance will indicate that the fall from 0.9971 has completed at 0.9239 already, then further rise to 0.9500-0.9600 area could be seen.
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.
