USDCHF’s upward movement from 0.9214 extends to as high as 0.9511. Further rise is still possible and next target would be at 0.9650 area. However, the price action from 0.9239 is likely consolidation of the downtrend from 0.9971, another fall could be expected after consolidation. Support is at 0.9380, a breakdown below this level could signal completion of the consolidation.
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.
