USDCHF breaks above 1.1389 key resistance and has formed a short term cycle bottom at 1.1240 on 4-hour chart. Range trading between 1.1240 and 1.1450 could be seen in a couple of days. However, the price action from 1.1356 is more likely consolidation of the downtrend from 1.1548. As long as 1.1548 level holds, we€™d expect downtrend to resume and further fall towards 1.0000 is possible after consolidation. Key support is now located at 1.1240, a break below this level will signal resumption of the downtrend.