USDCHF failed to break below 0.8699 support and stays in a trading range between 0.8699 and 0.8952, indicating that lengthier consolidation of the downtrend from 0.9751 (Jul 9, 2013 high) is underway. Resistance is located at the upper line of the price channel on daily chart. As long as the channel resistance holds, the downtrend could be expected to resume after consolidation, and next target would be at 0.8300 area. On the upside, a clear break above the channel resistance will signal completion of the downtrend from 0.9751, then the following upward movement could bring price to 0.9200 zone.
