USDCHF rebounded sharply from 1.1208, suggesting that a short term cycle bottom has been formed on 4-hour chart. Further rise to test 1.1746 could be seen later today. As long as this level holds, we’d expect down trend to resume and one more fall below 1.1208 is still possible. However, above 1.1746 previous high will signal further rally towards 1.2000 zone.
