USDCHF breaks below the support of the rising trend line from 1.1549 to 1.1941, suggesting that a short term cycle top has been formed at 1.2296 level on 4-hour chart. Deeper decline is still possible to 1.1600 zone. However, the fall from 1.2296 is treated as correction to up trend, as long as 1.1600 support holds, we’d expect up trend to resume and further rally could be seen to 1.2500 zone after correction.
