USDCHF remains in downtrend from 0.9971, the price action in the range between 0.9214 and 0.9437 is treated as consolidation of the downtrend. As long as 0.9437 resistance holds, the downtrend could be expected to resume, and another fall towards 0.9000 is still possible after consolidation. On the upside, a break above 0.9437 resistance will indicate that lengthier consolidation of the downtrend is underway, then further rise to 0.9500-0.9600 area could be seen.
For long term analysis, USDCHF had formed a cycle top at 0.9971 on weekly chart. Further decline to 0.8500 area would likely be seen over the next several weeks.