USDCHF traded in a narrow range between 1.0347 and 1.0475. As long as 1.0475 resistance holds, the price action in the trading range is treated as consolidation of downtrend from 1.0639, and another fall towards 1.0200 area is still possible later today. However, a break above 1.0475 could indicate that a cycle bottom has been formed at 1.0347 level on 4-hour chart, then the following upward movement could bring price back to re-test 1.0675 key resistance.

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