USDCHF pulls back sharply from 1.1883, suggesting that a cycle top is being formed. Key support is located at 1.1399, a break below this level will confirm the cycle top, and then deeper decline could be seen to 1.1000 zone. Near term resistance is now at 1.1883, only rise above this level will signal further rally to 1.2000 zone.
For long term analysis, USDCHF has formed a cycle bottom 1.0366 level on weekly chart. Consolidation in a range between 1.0366 and 1.2296 is expected in a couple of months.
