USDCHF remains in downtrend from 0.9971, the rise from 0.9021 is likely consolidation of the downtrend. Further rally could be expected next week, and the target would be at the downward trend line on daily chart. As long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 0.8800 is still possible, 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.
