As expected, USDCHF broke below the key support at 1.0388 and formed a cycle top at 1.0623 on daily chart. Deeper decline to retest 0.9870 is expected in the next few days. Key resistance is now at 1.0623, only rise above this level will signal resumption of the up trend.
For long term analysis, USDCHF is in long term down trend. As long as 1.0750 resistance holds, we’d expect long term down trend to resume, and deeper decline towards 0.9000 area is possible.