USDCHF failed to break above 0.9156 resistance and pulled back from 0.9036, indicating that the pair remains in downtrend from 0.9838 (May 22, 2013 high), the price action from 0.8699 could be treated as consolidation of the downtrend. Another fall to test 0.8699 support would likely be seen, a breakdown below this level will target 0.8300 area. Key resistance is at 0.9156, only break above this level could signal completion of the downtrend, then further rise to 0.9400 area could be seen.
