USDCHF has formed a cycle bottom at 0.9088

USDCHF has formed a cycle bottom at 0.9088 on 4-hour chart. Range trading between 0.9088 and 0.9262 would likely be seen in a couple of days. Key resistance is at 0.9262, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 0.9594, and one more fall towards 0.9000 is still possible. However, a break above 0.9262 will indicate that the downtrend from 0.9594 has completed at 0.9088 already, then further rise towards 0.9594 previous high could be seen.