Being contained by 1.0675 key resistance, USDCHF pulled back from 1.0639, however, another rise towards 1.0675 is still possible, a break of this level will indicate that the downtrend started from 1.1730 (Jun 1 high) had completed at 1.0394 already, then longer term target would be at 1.0900 area. Key support is now at 1.0460, below this level will indicate that a cycle top has been formed at 1.0639 level on 4-hour chart, and the bounce from 1.0394 has completed, then another fall to 1.0300 could be seen.

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