USDCHF remains in downtrend from 0.9567, the rise from 0.9206 is likely correction of the downtrend. As long as 0.9567 key resistance holds, the downtrend could be expected to resume, and anther fall towards 0.9000 is still possible. On the upside, a break above 0.9567 resistance will signal resumption of the uptrend from 0.9021, then the following upward move could bring price to 0.9700 – 0.9800 area.
For long term analysis, USDCHF is in downtrend from 0.9971 (Jul 24, 2012 high). Further decline to 0.8500 area could be expected over the next several weeks.
