USDCHF broke above 1.0475 resistance, suggesting that a cycle bottom had been formed at 1.0347 level on 4-hour chart. Further rally is still possible later today and target is to test 1.0675 key resistance. As long as this level holds, the price action in the trading range between 1.0347 and 1.0675 is treated as consolidation of downtrend from 1.1730 (Jun 1 high), one more fall to 1.0200 is still possible after consolidation. However, above 1.0675 will indicate that the fall from 1.1730 had completed at 1.0347 already, then the following upward movement could bring price to 1.1000 area.
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