USDCHF breaks above 1.1389 key resistance and has formed a short term cycle bottom at 1.1240 on 4-hour chart. Range trading between 1.1240 and 1.1450 could be seen in a couple of days. However, the price action from 1.1356 is more likely consolidation of the downtrend from 1.1548. As long as 1.1548 level holds, we’d expect downtrend to resume and further fall towards 1.0000 is possible after consolidation. Key support is now located at 1.1240, a break below this level will signal resumption of the downtrend.
