USDCHF remains in downtrend from 0.9751 (Jul 9, 2013 high), the price action from 0.8699 could be treated as consolidation of the downtrend. Range trading between 0.8699 and 0.8952 would likely be seen over the next several weeks. Near term resistance is at 0.8952, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.8300 is still possible after consolidation. Key resistance is located at the upper line of the price channel on daily chart, only a clear break above the channel resistance could signal completion of the downtrend.
