USDCHF breaks below 0.9083 previous low support, suggesting that the downtrend from 0.9971 has resumed. Further decline is still possible after a minor consolidation, and next target would be at 0.8800 area. Key resistance is now located at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.
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.
