Being contained by the rising trend line from 0.9917 to 1.0132, USDCHF bounced from 1.0506, suggesting that a cycle bottom is being formed on daily chart. Another rise towards 1.1000 would more likely be seen in a couple of weeks. Support level is now at 1.0506, only fall below this level could bring price to 1.0400-1.0450 area.
For long term analysis, USDCHF has formed a cycle bottom at 0.9917 level on weekly chart. Bounce towards 1.1000 to reach next cycle top is expected.
