After breaking below 1.0590 previous low, USDCHF rebounds sharply from 1.0562, suggesting that the pair is back to range trading between 1.0562 and 1.1021. Further rise to re-test 1.1021 is possible next week. However, the price action from 1.0590 is treated as consolidation of downtrend from 1.1963, deeper decline is still possible to 1.0200-1.0300 area after consolidation.
For long term analysis, USDCHF is in long term downtrend from 1.1963, further fall is expected to 1.0200-1.0300 area in next several weeks.
