USDCHF remains in downtrend from 0.9971, the rise from 0.9083 is likely consolidation of the downtrend. Key resistance is at 0.9511, as long as this level holds, we’d expect downtrend to resume, and another fall towards 0.8500 is still possible. Only break above 0.9511 will indicate that the downtrend from 0.9971 had completed at 0.9083 already, then the following upward movement could bring price back to 0.9700-0.9800 area.
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 months.
