USDCHF may be forming a cycle top at 0.8945 on daily chart. Deeper decline towards 0.8553 previous low would likely be seen next week, a breakdown below this level will indicate that the long term downtrend from 1.1730 has resumed. Resistance is at 0.8945, only break above this level will suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.9100 zone.
For long term analysis, USDCHF is in downtrend from 1.1730, further decline to 0.8000 area to reach next cycle bottom on weekly is expected.
